FREQUENTLY ASKED QUESTIONS
WHAT ARE THE FINANCIAL BENEFITS OF GOING SOLAR?
You will protect your self from rising energy costs in the future. Over the past decade the cost of electricity from the power company has increased 3% year after year. You can produce electricity from your solar panels cheaper than what you can buy from the grid. Once your system is paid for you are then creating electricity at virtually no cost. Also, people are noticing that the return on investment is often times better than putting your money into retirement funds or CDs.
I'VE HEARD THERE ARE TAX CREDITS FOR GOING SOLAR, IS THIS TRUE?
Yes, there is currently a government tax credit called the Investment Tax Credit. It is 30% of installation costs for residential and commercial applications. This credit can be spread out over multiple years tax returns. For example if you spend $15,000 on a solar panel system you would get a tax credit of $4,500. Thus making your investment cost $10,500. This tax credit is in effect until 2019 when it drops down to 26% in 2020 and then 22% in 2022. If you own a business (or farm) in West Virginia there is also a government grant that covers up to 25% of the installation costs. So in essence you could get 55% of your investment covered for a business installation.
WHAT IS NET METERING?
Net metering is an energy exchange program between you and the utility company. You receive credit for excess energy production that you solar panels but back into the grid. For example, if your system produces 1,000 kilowatt-hours (kWh) in a month but you only use 800 kWh, you'll receive credit for the extra 200 kWh. The utility company won't write you a check for these extra kWh you've produced, but this credit will be carried over to the next month when there aren't as many sunny days. Our goal is to design a system for you that produces the amount of electricity you have historically used per year. We get this information from previous electric bills.
WHAT IF I PLAN ON MOVING WITHIN A FEW YEARS?
Your property value will likely increase with solar panels. The solar premium is how much more your home will be worth with a solar panel system as opposed to without one. Here’s an example: if your home has a 3.6 kilowatt (kW) solar system (the national average) on its roof, this means you have 3,600 watts of solar power (1kW = 1,000W). Each watt of solar you have will add approximately $4 to your home’s value. This means that, thanks to your 3.6kW solar system, your home should sell for about ($4 x 3,600W =) $14,400 more. The new owner will immediately reap the benefits of the system (i.e. no electric bill) and your investment of installing the system will be recouped upon closing.
HOW MUCH DOES A SOLAR PANEL SYSTEM COST?
Each installation has many variables that will change the overall cost of the system. The basic variables are hours of available sun light, available space for the system, grid-tied system vs off-grid system, desire for battery backup, and monthly electrical usage, among others.
WHAT IS THE RETURN ON INVESTMENT ON A SOLAR PANELS?
Most solar panel owners payback period is around 10 years. After this break even point they have free electricity for the life of the system.
HOW MUCH MONEY CAN I SAVE OVER THE LIFE OF THE SYSTEM?
It all depends on the overall cost of your system and how much you are currently paying the power company. Our goal is to eliminate your monthly payment to the power company so you can start saving money and investing your money the way you want to.
WHAT IF MY ROOF IS SHADED BUT I HAVE ROOM IN MY YARD THAT GETS SUN?
This is not a problem. We can design a ground mount panel system and run the electricity to your house just as if the panels were on your roof.