Started as a 20% project, Google’s Project Sunroof is a program that allows its employees to work on side projects one day per week. Today, it is a valuable marketing platform for residential solar, both as a lead generator for solar providers and as a customer education tool. This country wide project estimates cost savings for solar energy based on the shape and direction of a house’s roof.
With flexible financing options, residential solar system is no longer just a solution for tech experts, but it has become a tool for saving money for many families. Here is a little break down before you plan to switch your home to 100% renewable power.
Is Residential Solar Expensive?
The first thing that you need to know about residential solar is that it is becoming the cheapest form of energy in the world. In 42 of the 50 largest cities in US, a fully financed residential solar system costs less than the power purchased by a local utility company.
There are different ways to go solar. You can either buy a solar system, or can lease it from a service provider. A personalized estimate from a solar provider can help you understand the savings and payback period for your home. This may depend on many factors like how to finance the system, how many panels can be installed on the roof, current rates paid to the utility company.
On an average, solar panels return 2 – 4 times their cost in saved electricity bills and pay for themselves completely within 7 - 15 years. Additionally, if you are living in a state with good incentives, the payback period will be as short as 2 – 4 years.
Does the Savings on Your Monthly Energy Bill Will Cover the Cost of Installation?
The cost of solar rooftop has dropped 80% in the past five years. In addition to this, the pay-off system allows the homeowner to cover the cost of the system itself over 20 years. Most of the installation companies do not provide a lease or a long-term contract, unless they are sure that they can guarantee savings on the monthly energy bill.
Are Their Any Government Incentives?
Most solar companies handle the rebates & incentives and pass the savings along to the homeowner. There is a 30% federal investment tax credit, which takes place at current levels through 2019 and will decreases over time.
An installer can provide the most up-to-date information on solar incentives, but there is a database with state incentives for renewable energy that has a comprehensive list of solar incentives by state, and more information on solar policies across U.S. A homeowner can actually go to a website, enter the zip code, and check for the rebates and incentives available depending on where he lives.
A residential solar system has the answer to all your questions and is surely a green way to save money.
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