Solar panels are a great investment for California homeowners who want to save money on their electric bills. Studies have shown that savings from solar power can reach up to $30,000 over 20 years!
The decision to go solar is likely motivated by the long-term savings that come with installing a panel system.Â
Since California has such abundant sunlight, you can expect it’ll pay for itself quickly! Below are average costs and savings from our survey of residents in The Golden State Many homeowners will see a 100% offset in their energy bill when they install solar panels.Â
The average monthly electricity cost for California homes is $150, and with 5 kWh of installed capacity at an expected 6 year payback period (due to savings on electric bills), this can be cut down by up-to 94%.
You’ve probably seen a few solar panels installed on rooftops in your neighborhood. Perhaps you’re wondering how these energy-generating devices convert the sun’s rays to clean, renewable electricity for use at home? The process behind generation is remarkably simple: when sunlight hits PV modules it excites electrons and they create direct current (DC) of AC power that can then be fed into an inverter which converts this incoming high voltage low Current (HVLLC).
A meter installed on your home keeps track of the amount of energy generated and consumed. California has a great net metering program (NEM), which gives owners credit for excess solar produced by their panels that they send into neighborhood grids like yours!
Solar energy owners can get a refund on their taxes by installing solar panels. The Federal Tax Credit allows homeowners and business to deduct 26% of the cost, meaning you’ll save money in two places instead of one! You qualify for these credits if you own your panels opposed to renting, installed in 2020 and actively generate electricity.Â
When doing your taxes this year make sure that the IRS knows about all those wonderful green things! Get Form 5695 when filing out an annual return because it will calculate how much of a tax break is awarded just from owning solar power systems instead of having them rented or purchased through some other means like lease agreements. The sun is shining, and this deal won’t last forever! Residential and commercial solar energy system owners can deduct 30% of the cost for installation through 2020. The tax credit then decreases in slow increments annually until 2021 where it becomes 10%. You’ll get a better price if you switch today!
California is currently the top solar state in America, with an impressive 29% of homes and businesses equipped to harness renewable energy. If they can manage a further 30%, it will eliminate 59 million cars off our roads!
Glyde Solar is committed to helping Californians convert to clean solar energy. We provide guidance at every step in the process which includes free no-obligation consultations and roof repair or replacement for qualifying homes.
