Thursday, June 18th, 2020
As everyone knows, going solar is a great opportunity to save on electricity bills and finally become independent from your dear power company! But Have you ever wondered about how else Solar could financially benefit you?
In our great land of Pennsylvania, our government introduced several incentives granted to homeowners who go solar. There are three incentives available in Pennsylvania, which help you have more in return.
The Solar Investment Tax credit (ITC)
The ITC allows Pennsylvania homeowners who go solar to claim 26 percent on a tax return on qualified expenses. For example, if your quote is set to be $10,000 then you would be owed a $2,600 credit. The Solar Investment Tax credit is an opportunity for you to have a portion of your investment back. Currently at 26 percent until the last day of December (12/31/2020), the rate will drop down to 22 percent in 2021.
This is what I call the Beauty of Solar! Every time your panels generate more than your home can consume, the excess energy is sent back to the grid, and guess what? You’re credited for it on your bill. However when your panels don’t generate (For example at night), you can draw that power from the grid. The way I see Net Metering as is more and more and more...for you because you’re able to benefit from ALL the energy that your panels generate.
Solar Renewable Energy Certificate (SRECs)
The third solar incentive available in Pennsylvania is the Solar Renewable Energy Certificate (SRECs). As homeowners, we have a tendency to consume a lot of energy for everything and anything. This incentive allows homeowners to earn an SREC, for each megawatt-hour of energy produced then sell these SRECs to the electricity distribution company or electric generation supplier. So what does that mean to you? Extra bucks in your pocket!
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