Benefits of Solar Energy
Solar energy can drastically reduce or eliminate your electric bills. A solar energy system improves the value of your home. Solar Renewable Energy Credits (SRECs) and net metering, through Rocky Mountain Power, can earn you bill credits to pay off the cost of your system. Solar gives you more control over rising energy costs.
Peace of Mind
Solar is a clean renewable source of energy that can reduce carbon dioxide emissions and lower the impact on our environment. Decisions to help improve our environment are even easier when we consider that the efficiency of solar technology continues to increase while the costs for solar have gone down. At the same time, utility electricity rates are increasing at a rate of 5% annually. So why not take advantage of current tax incentives in order to help yourself and the environment?
Solar Incentives and Tax Credit
The federal solar tax credit, also referred to as the Investment Tax Credit (ITC), allows home owners to deduct 26% of the cost for solar equipment through 2020. Utah, state government will provide a credit on next year’s income taxes allowing you to claim 25% of the equipment and installation cost up to $1,600 until 12/31/2020.
Does Solar Make Financial Sense for Everyone?
From solely a financial perspective, there are conditions where the expense for solar energy may not be prudent. If a homeowner’s utility bills are unusually low or if they sell their property shortly after investing in a solar panel system, there may not be time for the ROI to be realized. The average payback period for a solar system is about 7 ½ years. However, the tax incentives and the increase in value to your property can also offset this time. Reviewing previous utility costs, tax filings and other measurable variables with an ethical and knowledgeable Solar Consultant can help make the decision easy. The numbers don’t lie. Contact us for a consultation.
Grid-Tied vs Batteries
When your solar system is tied to the local electric grid, you have the utility system to back you up if you use more energy than your solar system produces. You may also be able to turn the meter back for credit when your solar system produces more energy than you use. That is not to say you cannot also install batteries to store energy should your local electric company experience the inability to provide energy. As with solar panels, the efficiency of solar batteries has improved while the cost is going down.
Combine Roof Replacement with Solar Panels
You don’t want to install solar panels if you have a worn or damaged roof. With Rock Top you have the unique opportunity to combine both the roof and solar installation on one invoice. While having both the roof and solar system installed at the same time has obvious longevity advantages, we can also offer pricing incentives when the two are combined.