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How to Save Money in 3 Ways With Solar in Pennsylvania

By June 22, 2020 No Comments

As we move forward through Phase I after COVID-19, at Vision Solar we know times have not been easy. Navigating this new normal is not as easy as it may seem. Because of this, we are doing our best to provide you with all of the necessary tools and information you need to make your lives just a little bit easier. Installing solar panels in Pennsylvania has many money-saving perks. In times like these, we want you to take advantage of any and all money saving opportunities you can. Here is how solar can save you money based on your state in Pennsylvania.

 

Net Metering:

One of the most frequently asked questions that we receive about solar power is “what happens if I produce more energy than I can use?”. Well, the answer to this is always so surprising to our customers. Your energy is never wasted or goes unused. Instead, net metering allows you to receive a credit for all of the excess energy that is used. All of the excess electricity can be sold back to the utility at the same price that you would buy it. This allows for the system to literally pay for itself or for you to “bank” your excess energy. Net metering is continuing to expand in Pennsylvania. Pennsylvania is looking to possibly expand your system to be able to produce up to 200% of your usage. What this means is that you could receive a bigger system in order to bank more energy. This is a great advantage to residents in Pennsylvania because other states are looking to eliminate net metering.

 

Tax Credits:

The Federal Solar Tax Credit is one of the most prominent tax credits for residents in Pennsylvania. Recently, this tax credit has been extended, which is why now is the perfect opportunity to take advantage of this. The Federal Solar Tax Credit, also known as ITC, allows you to earn back up to 26% of the installation costs of your solar system. However, this can only be applied if you have bought your system, rather than leased your system. When tax time comes around, take full advantage of these opportunities while they still last.

 

SREC’s:

The Solar Renewable Energy Certificates are an awesome way to earn some extra money with your solar panels in Pennsylvania. This program allows you to sell the SREC’s that your panels generate. The rates that the SREC’s are going for are consistently increasing. In 2019, the average family was able to earn upwards of an extra $120 per year from selling the SRECs that were generated with their panels. Because of this, with your panels in 2020, your rate may be higher, allowing you to make even more money per year through selling your SRECs.

 

Hopefully, we have provided just a small insight as to how solar can save you money. 2020 is your year to switch to solar power in Pennsylvania. For more information on your savings, please visit out Contact Page.

 

 

Sources:

https://www.energysage.com/local-data/solar-rebates-incentives/pa/