What is it going to cost me for a Solar Power System?
Price is dependant on many different factors when it comes to providing solar energy for your home. No two solar power systems are the same, so it requires a customized design that will fit your energy, financial, and savings needs. Factors include but are not limited to; your energy usage, location of your home, utility company, condition of your home, potential shading issues, finances, federal credit qualifications, rebates, etc.
A solar-powered system is an investment that is funded by investing cash or a variety of prudent financing programs that will best benefit you. In almost all cases, you should receive immediate and long-term savings, higher return on investment, and an increase in the value of your property.
How long does a solar-powered system last?
When you’re considering investing in a solar-powered installation, wondering how long a home or a building solar energy system will last is a question that inevitably pops up.
Top-tier solar panels used in solar arrays come with a warranty for some 25 or 30 years, this means that the solar panels are warrantied for decades, unlike many of the other goods we buy. And again unlike many other capital investments, they don’t ‘give up the ghost’ at the end of their warranty period and need to be replaced, but continue to produce clean electricity still, although at a slightly less efficiency each year. In fact, some decidedly old-school solar cells have been producing electricity daily for decades beyond, and are expected to continue to power homes and businesses for decades more.
How does the 30% Federal Investment Tax Credit work with solar energy systems?
The Investment Tax Credit (ITC) is currently a 30 percent federal tax credit claimed against the tax liability of residential (under Section 25D) and commercial and utility (under Section 48) investors in solar energy property. Section 25D residential ITC allows the homeowner to apply the credit to his/her personal income taxes. This credit is applicable when homeowners purchase solar systems and have them installed on their homes.
A tax credit is a dollar-for-dollar reduction in the income taxes that a person or company would otherwise pay the federal government. The ITC is applied by the amount of investment in solar property. Both the residential and commercial ITC are equal to 30 percent of the cost basis that invested in eligible solar property which has begun construction through 2019. One should seek the advice of a tax professional before deciding. (Provided by the SEIA)
What are the benefits of installing a Solar Power System on my home or business?
Installation of a personalized solar energy system can provide numerous benefits to you, your community, and the environment. Solar is a fuel-free energy resource, which means it is an infinite and inexhaustible resource with no volatile fuel costs. Solar is also an emissions-free energy resource that avoids polluting our air and water. After the initial up-front cost, solar provides immediate energy savings and highest energy stability in producing energy at a controlled cost.
Studies have shown that a home or building that is powered by solar energy increases in the value of between 10 to 20 percent. In states like Missouri, it is unlawful for the state, counties, and municipalities to apply a personal property tax on a solar-powered system.
What happens to solar panels when it’s cloudy or raining?
Photovoltaic panels can use direct or indirect sunlight to generate power, though they are most effective in direct sunlight. Solar panels will still work even when the light is reflected or partially blocked by clouds. The rain helps to keep your panels operating efficiently by washing away any dust or dirt. If you live in an area with an active net-metering program, excess energy generated by your panels during sunny hours will offset energy that you use at night and other times when your system isn’t operating at full capacity.