Have you considered talking to Denver solar companies about producing some of your energy? You may want to help the environment or reduce your monthly bills by installing solar panels. However, you may recognize that the cost of installing these energy producers is significant and the payback period is up to half of their expected lifecycle. Therefore, consider these incentives.
Environmental Impact
You have probably noticed that more and more people have become consumed with protecting the environment. However, it may shock you to learn that only 8% of the U.S.
the population has solar panel systems in their homes. Although the solar panel manufacturing process does cause carbon emissions, the energy production with the panels is emission-free. It takes up to four years to counterbalance the manufacturing carbon, but your panels last much longer, giving you carbon-free energy.
Energy-Efficiency Improvements
Initially, solar panels were very inefficient. However, new technologies and designs have increased their efficiency. Today, up to 20% of the energy they can produce from the sun turns into usable energy. Solar companies in Virginia may even have high-efficiency panels, which produce up to 23% usable energy.
This energy efficiency increase means that you can reduce your purchase costs significantly because you do not have to buy as many panels. This also saves you money on roof wear and tear.
Performance-Based Incentives
You can work with your local utility to get compensation for any extra energy your solar system produces. In some cases, you may trade energy with the grid. For example, you may have to pull energy from the grid during the evening because your panels do not produce when the sun is not out, but you likely also overproduce during the day when it shines brighter. Your utility may offer you a discount or trade your kWh evenly when you need energy.
In some cases, you can sign a contract to receive cash payment from your solar generation. Some locations give you a higher rate than the current market price, but you will have a contract that determines your rate and the contract length.
Tax Breaks
Due to the high cost of solar panel systems and installation, the federal government offers tax incentives. The solar investment tax credit allows you to take up to 30% of the cost of your system off on your taxes. If your incentive is larger than what you owe in taxes, you can roll this credit over for up to five years. This can save you significantly on your taxes for at least the first year you turn your system on. However, it may save you for several years.
Some states, such as South Carolina, also have tax credits for solar installations. In some cases, you can roll these credits over for up to 10 years. States may also include installation costs in their credit offerings. You may also receive property tax exemptions from the state.
Solar Panel Rebates
Your utility company may also offer you a rebate on your solar panel purchase and installation. You likely have to meet specific system size and type requirements, and the installation process should conform to the utility company’s specifications.
Contact a local solar company, e.g., solar panel installation Charlotte NC, to get more information about available incentives in your area.
