The cost of a home system has dropped dramatically, and there are more options to pay for it.
1. A bright idea gets cheaper.
Since 2007, the cost to buy a solar power system has fallen by about 50%, to an average upfront cost of $4,590 per kilowatt, says the Solar Energy Industries Association (a typical home system ranges from 3 kW to 7 kW). You would recoup your upfront cost in an average of seven to 15 years, the Solar Foundation reports. The higher the electric rate you currently pay, the more sunshine your location receives, and the greater the financial incentives that are available to you, the better your return on solar will be, says Jonathan Bass, vice-president of communications with SolarCity, the largest system installer in the U.S.
See Also: 12 Ways to Save Money by Going Green
2. Get out your tape measure.
For each kilowatt of capacity, youll need 100 square feet of space that faces south and is mostly unshaded. Panels may be mounted on a flat or sloped roof or in your yard. In addition to the panels, youll need an inverterwhich converts direct current to alternating currenta tie-in to the grid and, in many cases, a monitoring system that tells the installer how much power youre producing.
3. Uncle Sam wants to help.
Through 2016, you can take advantage of a federal tax credit that lets you write off up to 30% of the cost of buying and installing a solar system. You can finance a system with cash, a home-equity loan or line of credit, or a low-cost solar loan. You may trim your cost further with incentives, such as rebates or sales- or property-tax exemptions, from your state, municipality or electric utility. (Visit www.dsireusa.org/solar to find loan programs and incentives where you live.)
4. Dont buy. rent.
Let an installer pay for a system, then you pay the installer for the electricity that your system produces each monthtypically at a rate thats less than your local utility charges. With a solar lease, youll pay a fixed monthly amount that smooths out seasonal variations. With a power purchase agreement (PPA), available in 22 states and the District of Columbia, your bill may vary. For example, with a lease you might pay $50 a month year-round; with a PPA, you might pay $20 to $30 a month in winter and $70 to $80 in summer. Both agreements typically last 20 years, with options for upgrading or removing the system, or conveying it if you sell your home. The installer maintains, repairs and insures the system.
5. Youre still on the grid.
Unless you live in a remote area, your system is tied into the local utility. If it produces more electricity than you use, the excess is fed into the grid; in 43 states and the District of Columbia, so-called net meteringusing a special meter that runs forward and backwardwill give you credit.
6. Find an installer.
The largest multistate installers include SolarCity, Vivint Solar, Verengo, REC Solar and Real Goods Solar. Or you can look for smaller, independent installers. On the home page of the Solar Energy Industries Association Web site, click on Directory and search by state and Contractor/Installer. Then look for companies that employ staff certified by the North American Board of Certified Energy Practitioners or trained in a program accredited by the Interstate Renewable Energy Council. Get at least three comparable bids.
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6 Things You Must Know About Going Solar. The cost of a home system has dropped dramatically, and there are more options to pay for it. By Pat Mertz
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