Pennsylvania solar: 3 key incentives that can help cut costs, recoup investment
Power Home Solar is breaking new ground in adding western Pennsylvania to the list of markets it serves, giving homeowners in that area the opportunity to join the clean energy revolution happening all around the U.S. What incentives exist for Pennsylvania homeowners thinking about going solar? There are three big ones.
Pennsylvania solar incentives for homeowners
1) 30 percent federal tax credit. By installing a solar system at your home, eligible taxpayers can receive a 30 percent federal tax credit on qualified expenses through 2019. That rate will decrease to 26 percent in 2020 and 22 percent in 2021. So if you want the most bang for your tax credit dollar, you have 14 months to act. Four percent reductions in successive years after 2019 may not sound like much, but when we’re dealing with systems that can be priced in the tens of thousands of dollars, those small percentages mean a great deal. Consult your tax professional to determine your eligibility for solar tax credits.
2) Net metering. This may bring the greatest joy to solar consumers. When your solar panels generate more electricity than your home can consume at any one time, that excess energy is sent back to the power grid, and you are credited for it on your power bill. Meanwhile, if your home needs more energy than your panels can produce at any one time (or at night, when your home can’t produce any), you draw the power that you need from the grid. This net metering process allows you to benefit from all the energy that your panels produce, not just the amount that your home uses. Net metering provides nearly all the same benefits of having battery-plus-storage capabilities, but without the added cost of adding those items to your system.
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3) Solar renewable energy credits (SRECs). Pennsylvania homeowners with solar panels receive one renewable energy credit for every 1,000 kilowatt hours their solar system produces, with the value of the SREC being based on market value. In May 2018, one SREC was worth about $13, per SRECTrade.com. So if the average home generates enough electricity for 2-6 SRECs, that energy could mean an extra $78 to you. That may not seem like a lot, but when you do nothing to receive it once your solar panels are installed, any money your panels generate in that manner is value added.
With the federal tax credit available for eligible consumers, as well as the benefits of net metering and solar renewable energy credits, the cost of going solar continues to decrease, and its popularity has risen because of it. Consumers see the value of owning their power vs. renting the power from their utility company. Once you pay off your system, your solar power bill goes away, leaving just the remnant of what your panels don’t cover.
With our innovative solar program, Pennsylvania homeowners can go solar for $0 up-front cost, save money on their electric bills, and generate their own clean energy. The solar panels installed on your home are American made and come with a 25-year warranty, with many panels expected to last well beyond that.
Please feel free to fill out the form below or contact Power Home Solar at 800-765-2715, and one of our solar representatives will help you determine whether your home qualifies for this program.