Providing Solar Savings in Southeastern Pennsylvania
The solar energy market for homeowners and businesses is improving in Pennsylvania. Solar costs are historically low, and the state has made renewable energy a priority, which includes solar power. The combination of update policies and incentives make this the best time yet to go solar in the Keystone State.
2022 will be the last year for the 26% federal income tax credits, while Pennsylvania benefits gradually improve. That means in 2022 solar is a tremendous savings opportunity for homeowners:
Residential solar energy systems are now typically in the range of $2.75 to $3.50 per watt (installed, before the federal tax credit). Until December 31, 2022, a 26% federal tax credit is still available on the total retail price of the system. After then, it will be reduced to 22% for 2023. An average system in Pennsylvania is designed with approximately 30 panels. Such a system will generate around 13,000 kWh/year and will cost between $32,000-$38,000 before the 26% federal tax credit is applied, or between $24,000-$28,000 after the tax credit. If you pay cash, you get maximum savings day one. Choose to finance, and your loan payments will be significantly less than your current utility costs, also saving you money right away.
At current electricity rates, in PA it generally takes about 8 – 10 years for a solar electric (PV) system to pay for itself — that’s a 10%+ return on your investment!. After that, your own solar “power plant” creates electricity for you using a free and abundant energy source, forever offsetting your energy expenses, and producing electricity that never goes up in price…no mining, drilling, transporting, or re-fueling required.
At today’s prices, your own residential solar energy system, will provide you with electricity at a rate of about 6 cents/kWh over the next 30 years. (In PA, most people are paying the utility company as much as 15 cents/kWh today…and that will continue to go up over time.).
Increase the Value of Your Home
A solar energy system (PV or thermal) increases the value of your home. The systems last for 30+ years with minimal maintenance required. To prove this, studies have been conducted across the U.S. using real appraisal and sales data. Visit Solar Energy Adds Home Value to learn more in detail.
Earn Income Year After Year
Pennsylvania SRECs (Solar Renewable Energy Certificates) are increasing thanks to direct legislation. This means the time to recoup the solar investment with savings and credits is better than previous years, giving owners decades of greater savings. To understand more about the policy changes, see Public Utility Commission Makes Law Clear.
Each SREC earned by your Pennsylvania solar energy system can be sold to a utility company. The utility companies are required to purchase a certain percentage of their energy each year from renewable sources and your SRECs help them meet that goal.
Example Pennsylvania Communities Saving with Solar:
Lower Bucks County