Cantor’s Corner: Financial Benefits of Solar
Presented by Murray Lampert Design, Build, Remodel
I have frequently reinforced the benefits of solar, like freedom from the utility company and sustainability. Installing photovoltaic solar, known as PV solar, for your home allows you to be your own power source. As for the financial benefits of solar, most systems pay for themselves in 4 or 5 years. Net Energy Metering and the federal tax credits are also an important part of the equation.
Financial Benefits of Solar
The recent announcement about the extension of Net Energy Metering and the federal tax credits was great news for San Diego homeowners in the market to install solar. In California, with some minor changes, the Public Utilities Commission extended the current Net Energy Metering (NEM) agreement. NEM is where the over-production of energy generated by your solar panels can be banked in the power grid and credited back at full value when you need it in the future.
On the federal level, the 30 percent tax credit for solar has been extended for 5 more years. When you purchase a new system, you qualify for a one-time 30 percent deduction when you file this form https://www.irs.gov/pub/irs-pdf/f5695.pdf. Your solar contractor can provide the documentation.
To find out how easy and affordable solar is and see how much you can save on your power bill, I recommend scheduling a fee energy audit.