While solar equipment cost may come down a little over the next few years, government incentives in Pennsylvania make it affordable to go solar now.
Are you waiting for solar equipment costs to go down before having a system installed?
The federal and state government plans to phase out the incentives over the next several years in hope that the incentives will not be needed to keep the alternative energy market strong.
The time to go solar is now. Current tax credits and other government incentives make it a perfect time to invest in solar energy for your home or business.
Solar Electric Financial Incentive Requirements
The solar electric system installer MUST be on the Department of Environmental Protection’s (DEP) list of improved installers. Bright Eye Solar is an approved installer by the Pennsylvania DEP.
Federal tax credits are available for 30% of the cost of installing a solar energy system.
Bright Eye Solar will install your residential system for an average cost of $3.70 per watt using only components that have proven to be of the highest quality in the industry. A much larger system for your business will receive an additional discount.
As an example; a 7KW grid-tied system will cost $3.70 per watt x 7000 watts = $25,900 to install the system. The customer will be entitled to a 30% federal tax credit for the total installed system cost, which represents $7,770 for the system. Thus, your installed price after the tax credit will be about $18,130.
In addition to the federal tax credit and energy savings that you will obtain from a solar electric system from Bright Eye Solar, you are entitled to receive energy credits for the renewable energy that you will be producing. For every megawatt that your system produces annually, you will earn one energy credit. A 7 KW system generally produces 8 energy credits per year in our coverage area. You then sell your energy credits at the going rate which is currently around $50- $100 each.
For our 7KW example; you should expect to earn $400- $800 per year in addition to your electric savings. You earn energy credits whether you use the energy or it gets fed on the grid for others to use. Energy credits are based solely on the production of your system, and Bright Eye Solar guarantees the annual production of your system–or we pay you the difference. Currently there is legislation in place that would make the credits worth 4 to 6 times their current rate!
There are other incentives to go solar depending on the following:
- The state in which you reside and plan to install solar. For example PA offers a state rebate however the program will end sometime in 2012 when the funds run out.
- Any current incentives that your electric utility company may offer.
- Incentives for low income applicants.
If you’re interested in Pennsylvania solar incentives to help free you from your current high-cost electric usage, the team at Bright Eyes Solar has the answers you’re looking for. Contact us today to speak to one of our solar energy installers to discuss your project. You can also lease a solar energy system from Bright Eye solar with little to no money down.