Finance Roll

If you have been hearing about the financial benefits of solar and wondering if it could benefit you, this information should help.

A solar system installed on your property can reduce or eliminate your electric bill. Installing solar energy panels can benefit consumers regardless how small or large their bill may be. Instead of paying the electric company, you are paying for your own solar powered electric plant which can provide a return on your investment in 4-9 years.

They say that in life, timing is everything, and that is certainly true in regards to solar. If you live in California, the following are some of the current incentives now being offered:

Tax Credit - The Federal Government provides a 30% Solar Investment Tax Credit. Not just a tax deduction but a tax credit and there is no cap on the amount.

Rebates - The California Solar Initiative offers a rebate. Currently, the residential rebate reduces the net cost of a solar system approximately 20%. Rebates for commercial, new construction, non-profits, and other entities are even higher. These rebates are on a tier system, which means these rates drop as they are used on a first come, first serve basis. So if you are thinking about going solar, putting it off may cost you money in the form of a lower rebate.

Financing - The City and County of San Diego are rolling out programs which provide financing. The financing covers the cost of installing a solar PV array and can be repaid over 20 years.

If your electric bill is $200 or more each month, you may be able to save more each month than the monthly costs of installing the system and have it paid off in less than 10 years. The paperwork can be a little daunting, so it is recommended that you seek out a reputable home remodeler or solar installer who will assist you in filling out and filing the necessary paperwork.