financial

With solar energy only accounting for roughly two percent of the world’s electricity, it would be fair to assume that big utility companies have nothing to worry about. But you might be surprised to find out that isn’t the case.

Making the switch to solar has always been a great opportunity for those looking for a reliable source of renewable energy and ways to save on their energy bill.

While using the energy you create from your solar photovoltaic (PV) system can help decrease the amount of energy you pull from the grid, net metering can also help increase your savings by receiving a credit for the excess energy you produce from your utility company.

Now that your solar panels are producing clean, renewable energy, there are a few items on your monthly utility bill that you may want to pay attention to depending on what state and local programs apply to your solar installation.

As a consumer, making informed decisions on how to minimize your energy costs is important to you, and understanding how you’re charged by your utility is a crucial step in getting the most out of your dollar.

What are solar incentives?

If you’re considering installing a solar photovoltaic (PV) system on your property, there are a wide range of solar energy tax credits and rebates that you’ll want to be aware of. Many of these incentives—available at the federal, state, and local levels—can significantly reduce your system’s initial and overall costs and increase the rate of return on your investment.

In 2019, the world added more renewable energy than any other source, with solar and wind representing 45% of all new capacity. As the global focus on energy independence and environmental responsibility grows, and demand for clean renewable energy rises, policymakers globally, nationally, and locally are creating programs that increase production to feed this demand.

Businesses across the country already recognize the economic, environmental, and PR and brand benefits of going solar, but there are still more financial incentives available to businesses that decide to install a solar photovoltaic (PV) system on their property.

Although adding solar to your home can be a relatively painless and easy process, sometimes understanding all the ins and outs of the financial incentives available to you can be confusing.

Your solar estimates should include two different types of warranties. One type of warranty covers the physical components, while the second warranty should cover labor and installation. How many warranties you’ll have total at the end of the project may vary - depending on your system, each individual component you purchase could have two warranties.

If you’ve done your homework and selected a few reputable solar installers to provide you an estimate, you should be in a position to evaluate the best fit for your situation and property. However, occasionally there are elements of an estimate that are confusing or unclear. Here are three tips to help you discern between subtle differences and obvious red flags.