Solar 101 – Know More About Solar
Electric vs Solar
Electricity rates have historically gone up every year. It is no mystery that electricity cost will increase every year in the future. Because of plant closures, and environmental pressures, more electricity companies are increasing rates between 3.5% and 14% or more each year. Solar allows you to lock in a lower rate now and keeps that rate fixed while typical electricity bills increase. **
If you are saving for retirement or a college education, the savings from solar can increase over time because of compound interest or annual rate of return. Would you like to send money to the electric company or into your retirement account? Its that simple.
Home Value Benefits
Research has shown that adding solar will increase a homes market value about $5,000 for every kilowatt installed. Usually the market value of your home will immediately increase more than the cost of your solar system. Purchased solar increases the market value of your home will research has shown your home can sell 20% faster. **
With interest rates at the lowest levels in years, you can choose to purchase solar through a home refinance, a solar loan or special energy lending program. Even with interest added, the payments through a loan will possibly be lower than your electric bill. Purchasing with a loan, now offers an equity building opportunity instead of throwing away money very month.
Contractors & Bids
There are plenty of solar companies to choose from. However, the solar bidding process can be time-consuming, frustrating and force you into a difficult decision. The best plan of action is to find the contractor that offers fair pricing (not always the cheapest), professional and is recommended.
With a solar loan, your total monthly payment for solar, can possibly be lower than you current electric bill. Combined with the Federal tax credit, you can lower your payment even more or save the credit. Solar offers savings now and well into the future. If you are paying $200 per month for electricity, you can save thousands of dollars over the years. **
Tax Credits & Rebates
Currently, the Federal government is offering a 30% tax credit. State and local agencies are constantly adding rebate programs to get more homeowners on solar. The state of California is trying to get a 30% renewable energy target achieved. **
Buying Versus Leasing
In a snapshot, buying is superior to leasing. Short-term and long term savings is better with buying. Leasing payments could add up to two times the amount of solar loan payments. Most leases are 20 year unbreakable contracts, place an lien on your property, do not offer the Federal tax credit, and make it tougher to sell your property. **
System Cost During Life Of Loan or Lease **
Buying: You can save between 40 percent and 70 percent on electricity costs over the lifetime of your solar panel system, depending on your property and the incentives in your state. You receive free electricity for the life of the solar energy system (usually 25 to 30 years). Payments are fixed.
Leasing: You can save between 10 percent and 30 percent off the prices you pay your utility for electricity, depending on your property and the incentives in your state. Lease payments include an annual rate increase of around 3%.
Example Comparison – Going solar for a $200 a month electricity bill **
Equipment & Installation
Not all solar equipment is the same. Solar panels come in many different prices, efficiency ratings and durability. When you receive a bid, always check if the equipment quality matches across all the contractors. For installation please check for prior installation and if they are in good standing with the contractors board.
Leading Solar Manufacturers
More Water & Fresh Air
Did you know it takes over 30,000 gallons of fresh water in CA to provide electricity for your home? Despite the drought in California, electric plants use 41% of state’s water to make electricity. Also, these plant release 12 thousand pound of pollutants such as carbon dioxide, sulfur dioxide and nitrogen dioxide into the air, per home per year! **
How can going solar help with the drought in California? The average daily electricity consumption for a California household is 18.8 kWh, and California uses 4.64 gallons of water for each kWh of energy produced. That means the average California household uses 87.2 gallons of water a day for electricity consumption alone. Put in perspective, the average California house uses 700 bottles of water a day just for their power. California has 13 million electricity customers. This means that 1.1 billion gallons of water a
day are used on electricity generation in California alone, or 417 billion gallons of water a year. It is estimated that California uses 850 billion gallons of water per year for residential and urban purposes, so eliminating water from the energy production process would meet half of California’s total residential and urban usage of water. Nationwide, fresh water is required to generate 80% of the nations electricity by the top 3 sources – coal, natural gas and nuclear. Californians can make a huge stride towards water conservation right at home by going solar. **
© SOLARCONNECTIONCA.COM INFORMATION FOUND ON THIS WEBSITE IS SUBJECT TO CHANGE.
** REFERENCE LINKS: