How Much Will My System Cost
Residential solar electricity is significantly cheaper (around 30% - 60% less) compared to the costs charged by utility companies over a span of 25 years. The amount of savings can vary based on factors like how much sunlight your solar panels receive, the direction and angle of your roof, and how steep it is. In general, having a larger solar system leads to a more favorable cost-to-benefit ratio.
30% Federal tax credit
The solar tax benefit reduces taxes by 30% of solar system cost. For example, a $20,000 system translates to a $6,000 deduction. If you owe $10,000 in April, you'd only owe $2,000 after applying the benefit. If you owe less, carry over the remaining benefit to the next year.
*Always confirm eligibility with a tax professional.
The energy you produce, COSTS less than THe utility costs!
Protect yourself from future electricity price increases by purchasing electricity at a fixed rate and generating your own energy. Utility companies in Washington, including PSE, are raising rates for infrastructure upgrades. If you buy a solar system with cash, your electricity costs will decrease for 25 years or more. Even with a solar loan, the system will pay for itself and save you money.
net metering
Net metering is a program that allows the utility company to act as your battery. Any extra power you generate from your solar system gets sent back to the grid and you earn credits for it. During sunny summer months, you can accumulate these credits to use during the winter. The aim is to design a solar system that generates an amount of electricity equal to what you consume in a year. Net metering helps in balancing your energy production and usage within a year.
Increasing Your Home Value
According to the Uniform Standard of Professional Appraisal Practice (USPAP), a cost appraisal for your home takes into consideration all the present and future assets of the property and its improvements. Therefore, the value of the property includes the value of the electricity that the system will earn in the future for anyone buying your property!
Solar Loans
Solar specific loans are designed to offset your current energy payments with flexible payments and $0 upfront cost. By using tax benefits and savings on electricity bills, you can eventually get a free solar system by applying earnings to pay off the loan. Visit Puget Sound Cooperative Credit Union’s website to learn more about their Sustainable Solar loan program.