You may have noticed that solar panels have been popping up everywhere. We’ve seen them on the roof of a brewery, on crosswalk signs, on garden lights, and of course on the roofs all over both Texas and Colorado. Obviously these solar panels don’t just show up out of nowhere; it takes some careful planning, lots of knowledge, and some money (depending on how you finance a solar electric system).
So, is it worth it?
CAM Solar has been in the solar game since 2009, and we have witnessed first hand how solar technology has evolved into not only a viable solution for renewable home energy but also smart financial investment. Here’s why.
Solar and The Future
As the United States takes strides towards fossil fuel independence, the rise of electric cars and alternative renewable energy cannot be denied. Fossil fuel has been able to stay on top in the US in part because of federal incentives and regulations that favor fossil fuel use. But with the negative impact that fossil fuel production and its associated byproducts have on the environment, as well as the fact that fossil fuels are not a renewable source of energy, fossil fuels will eventually wane to make way for more sustainable sources of electricity.
Clearly, solar is the way of the future; but that’s not the only reason solar panels are worth it for both homes and businesses.
A Smart Financial Move
Newer technology can intimidate your wallet (iPhone X, anyone?), and we hear a lot of homeowners express a fear of the cost of going solar. But looking at the numbers, installing the right sized solar electric system will undoubtedly save you money over the lifetime of the system. And with the available rebates and incentives, it’s much less of an upfront cost than you’d think.
Right off the top, the current Federal Investment Tax Credit gives you 30% back on the cost of your new solar installation on your federal taxes. So, you can take 30% of the total cost, and subtract that amount from what you owe the government come April 15. And if you happen to owe less than that 30%, you can carry the remainder over into the next year!
There are also local rebates and net metering initiatives offered at a local level which will lower the cost of your installation and further reduce your energy costs each month. CAM Solar will not only ensure you are aligned with the perfect rebates and initiatives but also do all of the necessary paperwork!
Conserve Energy & Save Money
Not every solar electric system is the same—just like no two homes are exactly alike. Proper sizing for your system should go hand in hand with understanding your home’s energy usage and your own energy goals. The more energy your solar system can offset, the quicker your system will pay for itself, and you can start pocketing the extra cash you are no longer spending on electricity.
Since we’ve covered the major benefits of solar, let’s run some quick numbers on what the end cost would really look like.
An average sized system based on available mounting space, direction, and peak sunshine is around 6 kW. On the high end, a system of that size would cost about $20,000 to install. The Federal Tax Incentive will reduce that cost to $14,000.
For local rebates, let’s use the CPS Energy rebate, which provides a flat rebate of $2,500 per project, plus $500 for locally-produced panels (for the first $9 million in rebates claimed). Above that milestone, projects would be eligible for a $1,500 per project, plus $500 for locally-produced panels (for the remainder $5 million CPS Energy has allocated towards solar rebate funding).
Now that we know the initial cost, we can estimate how long it will take for that system to pay for itself. The average energy bill in Texas is conservatively $120, and if that 6kW system can offset all of your energy costs, it will take you just under 7 years to pay back the initial cost of the system!
CAM Solar, From Beginning to (your energy bill’s) End
When you take a close look at what makes a successful solar electric system, trusting a local solar contractor is essential. Here at CAM Solar, we make it our job to be the go-to experts on solar energy, and helping you make the right decision for your home energy. When you have questions about the solar process, you can count on our specialists to have the answer for you. From Denver, CO and Colorado Springs, CO to Austin, TX and San Antonio, TX, CAM Solar has got you covered.