Occurs when more energy is produced than used
With Arizona’s abundant sunshine, we wonder why anyone who could would not choose to go solar. Through the reduction in cost coupled with the Solar Tax Credit, businesses and homes are in a fantastic position to take advantage of solar energy; but some never take up the offer. If you agree with one of the following, it may be time to switch over to solar.
Who doesn’t like to save money? Utility companies use non-renewable resources which is susceptible to supply and demand causing fluctuations in consumer electric rate prices. Historically, electricity rates have been increasing on an average of 5.38% a year during last thirty years. When solar photovoltaic system is installed, you generate your own electricity instead of purchasing power from your electric company. With solar, your electric generation is locked in depending on the system size we design specifically for your property. Since you are generating your own electricity, there is little change in electric cost when the electric company raises their prices. According to the U.S. Energy Information Administration (EIA), the average square footage of a Arizona house is 1,798 and their monthly average kWh usage is 1,049 kWh. Using the average kWh rate used by the electric company, customers who switch over to solar with LightDay Solar will save on over $20,000 over a 20 year period.
Increased Property Value
CNNmoney.com wrote on article titled, " Go green, a smart home improvement” and it states that, “A study in Appraisal Journal found that for every utility-bill dollar saved annually because of an improvement, you gain $10 to $20 in property value. So if you can zero out a $1,000 annual electric tab by installing solar, you'll get back $10,000 to $20,000 in home value.” Accordingly, if you annually save $1,200 from your electric bill using solar, your property value could increase from $12,000 to $24,000. As an investment, solar has a very safe high rate of return if you were to sell your home.
Solar Tax Credit
When solar became mainstream, the government passed a bill called the Energy Policy Act of 2005 (Pub.L. 109–58). This was a tax credit given to customers who installed solar. However it was only capped at $2,000. The current Solar Tax Credit for residential, also known as the Investment Tax Credit (ITC) for business, allows customers to deduct 30% of the cost of installing solar on a property from federal taxes without a cap. We understand that most customers cannot take full advantage of the 30% tax credit in one year. As long as you own the solar system, you can “roll over” the remaining tax credit in the upcoming years as long as the Solar Tax Credit is in effect. As of Dec. 31, 2016, the Solar Tax Credit will be available until Dec. 31, 2021.
Although solar panels like all manufactured goods require water during construction, solar panels do not need water to generate electricity. Traditional power plants using natural gas or coal require considerable amounts water for cooling purposes. With solar, there is absolutely no pollution of water resources. This is the opposite of traditional power plants which has a possibility of contaminating the water system that is used in agriculture or drinking water.
Solar is a clean renewable energy creating a sustainable future by eliminating carbon emissions. For every 1kW solar system we install, we offset 12.5 tons of carbon emissions which is equal to removing 2.3 cars or planting 37.5 trees. Since an average solar system in Arizona is 8kW, it would be equivalent to removing 18.4 cars from the streets or planting 300 trees.
*Actual customers' bills
Energy efficiency and renewable energy Professionals