PART 1 OF 3: COST & SAVINGS
Here is a quick video that discusses a few of our cost and savings frequently-asked questions; keep scrolling to see the full list of questions and answers are below.
This is PART ONE of a THREE-PART series of answers to your solar questions. Over the next two months, we’ll be bringing you additional answers to frequently-asked questions regarding Function & Performance and Solar & Your Home. Make sure to check those out to see if we can help answer all of your solar questions.
- • Will I stop receiving bills from the power company?
- • How much will a system cost?
- • How long will it take to recoup my investment?
- • How do tax incentives work?
- • Will my net metering rates change?
- • Are there additional incentives?
Will I stop receiving bills from the power company? [back to top]
No. Going solar will dramatically decrease your power bill; however, your home is still connected to your city’s power. During the night, or on cloudy days when the sun isn’t providing much light, your home will still be able to draw from the city’s power supply. But on sunny days, when your solar power system is providing abundant power for your home, the excess power is actually put back into your city’s power grid. This excess power will show up on your bill as a credit every month. So, it all depends on the size of your solar system and your production versus consumption.
How much will a system cost? [back to top]
It depends on your needs. Every home is different, and so are every home’s energy needs. Depending on your solar array and how many panels you decide to purchase, this cost can fluctuate quite a bit. Have an Any Hour solar expert come to your home to do an energy assessment and give you a free price quote. Or, if you’ve already had a solar representative in your home, please allow us to come and give you a second opinion absolutely free.
How long will it take to recoup my investment? [back to top]
It depends on your energy consumption and the solar array you end up installing on your home. It also depends on how high or low your existing power bills are. Have a solar expert come to your home to do an energy assessment--it’s absolutely free and will answer any questions you might have about how a solar system will work for you and your family. Your solar expert can also explain how you can take advantage of federal tax incentives to make your system even more affordable.
How do tax incentives work? [back to top]
When looking at possible government incentives, there is key information that every potential solar customer needs to take into account. First, it’s important to note that this incentive is a tax credit and NOT a rebate. So, to even qualify for this incentive, you must be a federal taxpayer. For example, those on Social Security, disability, or those in other tax-exempt situations do not qualify for the incentive. Second, this is not an instant rebate on the price of your system. It’s a tax credit. So, if you are expecting a 30% subsidy on your solar system, that’s actually not the way this incentive works. Also, while primary and secondary residences do qualify for the tax credit, rentals may not qualify. For specific advice on how this tax credit might help you in your specific circumstance, it’s always best to seek the counsel of a professional tax/financial planner or contact the IRS. For more information, go to Energy.gov or EnergyStar.gov.
Are there additional incentives? [back to top]
Be sure to check back next month for Part Two: Function & Performance in our solar frequently asked questions series.
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Posted: June 29th, 2018 @ 12:00am by tammy