Things to Consider When You’re Shopping Solar
Investing in solar is beneficial to almost everyone. You just have to know the best solar solution for your particular situation. Solar can save everyone money in the long run, but certain situations or solar options can prevent immediate solar savings.
What is Your Energy Company’s Net Metering Policy?
The first place to start is knowing your energy company’s Net Metering policy.
Not every state has legislation mandating net metering. This means that energy companies can actually pay you less than what they are charging you for the energy you are sending to the electric grid.
Pretty dirty huh?
This doesn’t mean you can’t benefit from having a solar system installed. It just means that your offset won’t be 100% and your full electric bill won’t be eliminated.
Can You Utilize the Solar Tax Credit?
Another thing to consider is your ability to utilize the Federal Investment Tax Credit.
The ITC allows you to write off 26% of your total solar install if it’s installed by Dec. 31, 2022. The Solar Tax Credit makes solar even more affordable but will be phased out by 2024.
If you’re retired, a disabled veteran, or no longer file taxes, you might consider Solar Lease or PPA as an alternative to buying a solar system.
Will You Have Immediate Savings from Solar?
For most people, there’s an immediate cost-benefit from adding solar to their home.
However for others who have energy companies with bad Net Metering policies, add in battery backups, or opt for ground-mounted solar panels, these things add to the overall price of your solar system and takes longer for your system to pay for itself.
Solar is an Investment
In either case, investing in solar will save the average homeowner tens of thousands of dollars over the life of the panels.
Solar panels add value to your home. PV systems add between $2,680 and $4,310 per kW of value to a home according to a study from Lawrence Berkley National Laboratory. This means a 5kW system can add between $13,400 and $21,550 in positive equity to your home.
Some states, like Texas, have property tax exemptions for solar panels to ensure that where your home value will increase, your property taxes will not.
If you want to know more about solar or would like a free quote to see how much solar can save you, contact Hirst Solar Consulting.