States And Solar Costs

How expensive is your power? Solar panels are more important to you if you live somewhere with high electricity rates. The U.S. Energy Information Administration presents a map of electric rates, so you can see how your state compares. Confirm by examining at the rate per kilowatt hour on your bill.

What state incentives are ready? Many states extend their own incentives on top of the federal tax credit. For instance, the state of Maryland will pay homeowners $1,000 for installing a solar system. You can keep an eye on your state in the Database of State Incentives for Renewables & Efficiency.

Does your state possess net metering? Net metering indicates that if you generate more electricity than you require, the power company will buy it back from you, which can be beneficial. Thirty-eight states and the District contribute net metering

Is the state I live in an SREC state? Approximately 30 states plus the District require power companies to produce a portion of their electricity from renewable sources such as solar. Power firms will pay you to help them do this. SREC stands for solar renewable energy certificate. For every 1,000 kilowatt hours of solar power you produce, you earn one SREC. Your utility will buy it from you,  for as much as $480 in some regions.

Weather Matters For Solar

What's the weather like in your state? Solar panels should operate in most any state except, perhaps, parts of Alaska. But you can study up on your state’s average number of days of sun to get an idea for just how fruitful your system might be.

Money For Solar

Should you buy your very own solar panels? The regular five-kilowatt system fetches an average of about $16,000 — $11,000 after the federal tax credit. If you can manage it, purchasing your solar panels outright will bring you the most significant return on your investment. If not, then you could arrange a solar loan. For those with stable finances, the best choice is a secured solar loan, which suggests you use your home as collateral. The rate will be cheaper than on an unsecured solar loan, and the interest will be tax-deductible.

Should you get a lease for your solar panels? Solar leasing is ready in about half the states. The company installs solar panels for you in trade for letting it collect your government incentives. Much like leasing a vehicle, you don’t pay much, if anything, upfront, but you spend with the company a monthly rent for as long as 20 years. The difficulty is, when those years are over, you don’t own anything. Either the business will remove the solar panels, or you still have to buy them.  A PPA or “power purchase agreement” is comparable to a solar lease, the only alternative to paying rent, you agree to pay for the energy the company’s panels produce.

If it appears as if there are more questions than answers, here’s the bottom line: If you have the best variety of roof, your local power rates are high, and your state provides a lot of incentives, it’s time to take a real look at solar today.  You can start with ease here at HahaSmart. HahaSmart.com and try our price checker tool. How much solar power you need and how much you can save on your energy bills each month.

Please visit our solar blog to find out more about how the savings on solar panels keep on coming.