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.
Currently, there is a large tax credit incentive for any residential or commercial property owner that goes solar. The amount of the tax credit is 30% on the total cost of the solar electric system. This means that if the entire system cost $25,000 then the owner of the system will be able to get a tax credit of $7,500 from the federal government meaning that the net cost for the system was actually $17,500. Business owners investing in solar for their business will generally see a much larger tax credit.
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
- Any current incentives that your electric utility company may offer
- Incentives for low-income applicants
- PACE financing where program exists
- USDA Grant for commercial customers where program exists
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.