Solar energy is quickly becoming the power of choice as the world looks to become a greener place. Solar energy is affordable and can save you money as energy costs for your home or commercial building will be reduced. It is also sustainable and better for the environment. As solar power becomes more popular, the price for installation gets lower, making it a great option for all. Everywhere you turn, you can hear about the benefits of solar energy, but you may still have questions. Before you get started on your solar project, here are the answers to some of the most asked questions regarding solar energy.
1. How much can I save on energy cost?
Switching to solar energy reduces energy costs significantly. On average you can save up to 75% and you get lower electricity rates for the life of the solar panels which can be as long as 25 or 30 years. There are several ways to calculate your savings when switching to solar energy based on the size and energy consumption of your property, so ask about this today.
2. Do I live off the grid now?
A solar energy system will provide most of your power, but not likely all of it. Unless you have solar batteries that can store excess energy, you should not plan to go completely off the grid. Many homes and commercial buildings still utilize an energy grid, but costs are significantly reduced. You may then wonder, what is the point? Well, solar energy is not designed to replace all sources of power, but to replace the majority of them, to reduce electricity use and costs
3. Are there credits, rebates, or incentives?
Every state has its own incentives and rebate programs for solar energy use. As the world aims to become a greener place, sustainable energy is the future and every state wants to be a part of this movement. The overall cost of solar energy has dropped by 90% over the last ten years because of consumer preferences and the drive towards sustainability. There is also a Federal tax credit. The solar investment tax credit (ITC) is a tax credit that can be claimed on federal corporate income taxes for 30% of the cost of a solar photovoltaic (PV) system that is placed in service during the tax year. In December 2020, Congress passed an extension of the ITC, which provides a 26% for systems commencing construction in 2020-2022, 22% for systems commencing construction in 2023, and 10% for systems commencing construction in 2024 or thereafter. Any PV system placed in service after 2025, regardless of when it commenced construction, can receive a maximum tax credit of 10%. Typically, a solar PV system that is eligible for the ITC can also use an accelerated depreciation corporate deduction.
4. What is the ROI for solar energy?
Installing solar energy is an investment. The amount of money you save and your return on investment (ROI) will be based on a few different factors, including:
- The incentives and promotions you use
- The type of solar energy used
- The number of panels you install
- Overall solar energy usage
Solar panels are relatively low-maintenance and with proper care, they can last up to 30 years. Over this time, you will more than recoup any investment made for the installation and the solar panels will be paying for themselves.
5. What solutions are available for commercial properties?
Commercial properties with flat roofing are great for solar energy panels. Much of this roofing is unutilized space, so adding panels saves money and makes great use of the roof. If the roof is not an option, solar panels can also be added to carports, the top of parking lots, or mounted on poles. Solar panels let your tenants and customers know that you care about the environment and reduced energy use. Tenants will also benefit from reduced energy costs. Be sure to use a tracker mount rather than a fixed mount so the panels can take advantage of the sun position throughout the day.
6. Does solar energy affect property value?
Installing solar panels will increase the value of your home or property. For businesses especially, this shows that you are a ‘green’ company which is great for finances and appearances. As for homes, having solar energy helps keep utility costs down which can be an attractive asset for potential buyers, should you decide to sell.
7. Can my roof handle solar panels?
Most roofing can handle solar panels, although flat roofing is often easier for installation. There are many types of solar panels and mounting options so sloped roofing can accommodate panels too. The most important factor to consider is the load-bearing ability of your roof. Certain mounting options may be heavier, so you need to make sure your roof has the proper support. Reach out to us for advice on the best installation options for your roof. Solar energy is the way of the future, so it is a good idea to get on board now. Reach out to us today for an installation estimate and advice on the best system for your property. When switching from standard electricity you:
- Save money
- Raise property value
- Earn tax credits and incentives
- Receive significant ROI
- Lock in a reduced electricity rate
- Show everyone your responsibility to the environment and sustainability