An overview of costs
Since a Solar power System comes with various components, they are all priced differently. Photovoltaic cells are the most expensive and range from $150 to $700 per panel depending on the quality of Plexiglas and the manufacturer. Since panels are expensive, Solar Sale USA will perfectly help you get the ones which match your goals and requirement exactly so as to eliminate any excess cost.
If you reside in a remote area and want more sustainable power, you will require panels that are robust and have more capacity. The cost will depend on the quality of your equipment.
Are there any tax incentives and rebates if I want to
install a Solar Power System?
Tax incentives and rebates vary from state to state. However, we’ve discussed the general options that may be available to you when you’re planning to go solar.
Federal Tax Credit
This allows individuals to deduct 30% of the cost of a Solar Energy System from Personal Federal income taxes with no limit.
Individual State Rebate
There exist flat amount rebates on your Solar System. To find out more details, refer to the Government’s Database of State Incentives for Renewables and Efficiency.
Municipal and Utility rebates
There are also rebates offered by most municipalities and power utilities. There is also, an incentive if you choose to upgrade your photovoltaic system.
Interest Tax Write Off
If you opt for an equity loan, the interest on it can be written off, like the interest on a mortgage.
Home Loan or Home Equity Line of Credit
Many banks offer a Home Loan for people to install a Solar Power System in their house. The cost of a Solar Power System is added to the value of the house and the interest on this type of loan is similar or higher than a mortgage loan.
This option is only available in New Jersey, California and South Carolina, and refers to paying a monthly lease to a Solar Installer. The ownership of the Solar System remains with the Installer and is also responsible for maintenance of the system.
Power Purchase Agreement
A power purchase agreement is similar to an installer loan but instead of a monthly lease, you pay for the power being produced at a mutually agreed rate.
In this arrangement, a third-party such as a bank is involved which pays for the Solar Power System. You will need to make payment to the third party instead of the Solar Installer similar to the mortgage payment model of the bank.