You Use Governmental Agencies To Help Save On Your Solar Panel Purchase

There are a lot of things that can affect our lives. Sometimes the inevitable is just around the corner.  Sometimes it rains on your wedding day.  Sometimes you need a spoon when all you have is a knife.  Sometimes, you get a free ride when you've previously paid.  Sometimes you get some good advice, and you don't take it. Sometimes you almost end up in a plane crash, yes the one you've been waiting for your whole life.  Good thing that the pilot was terrific.  So, back on the subject of good advice, you didn't take, you should consider getting into solar.  The solar panel market has seen some notable price declines over the last 20 years, and it's your time to harness the shine.   Some factors decide the final price of a PV system, including its capacity, component options and arrangement, labor prices, local permitting costs and possible incentives and tax credits. 

The price of a solar electric system is estimated in dollars per watt. The common price for a domestic system is currently $3-5 per watt. That suggests the normal 5-kW residential system will fetch $15,000-$25,000, before tax credits or incentives.

Tax credits 

A single use  “Residential Renewable Energy” federal investment tax credit (ITC) is possible for domestic solar PV systems purchases. The asset is formulated on a percentage of the cumulative solar PV system price. If the system is placed in assistance before Dec. 31, 2019, a federal tax credit of 30% of the cumulative system expense is available. After Jan. 1, 2020, the tax credit will start to decline.

Federal Investment Tax Credit

Homeowners must have the tax burden to allocate the credit, but a piece of the credit may be transferred forward if not wholly available in the installation tax year.  The prices range due to the proportional rebate found per yearly increments.  For more information, look for it. 

incentives

There are contingents based on your local utility provider, and there may be local solar rebates or incentives possible.

Example Of Solar System

The average residential system is 5 kW or 5,000 watts, and thus, your system cost for a 5,000 w system will show up as $4.00/watt $20,000. With the federal tax credit inputted you may witness savings like 30% x $20,000
State incentives may be possible, depending on your utility region.

Normal Payback Period

There are some interesting data points to notice when thinking about payback for your solar panel system.  The average payback time frame for a residential solar electric system is within 6-9 years, contingent on the price of the system and the energy bill savings.

Move into the future with solar with the help of HahaSmart., Try our price checker tool and see how affordable solar really is. We can also help find qualified solar installers who can help save you money on the cost of going solar.

Don't forget to visit our solar blog section for more handy guides and articles, about going solar.