There has not been a better time to install a solar system. Solar systems for residential properties are becoming more and more popular. The 30% tax credit significantly helps reduce the net cost of the system. This combined with the significant price reductions within the past few years, make solar an excellent value. See Solar Energy Industries Association’s data for the past several years.
Property owners are typically paying between $0.08 to $0.12 cents per kWh. With expected rate increases (https://www.eia.gov/todayinenergy/detail.cfm?id=17791) over the next several years, combined with affordable system prices, and the 30% federal tax credit, makes solar an excellent way to save money and an excellent investment.
Payback can be in 6-8 years, with an internal rate of return between 8-9%. This is like getting a 30 year CD at 3.8 – 4.2%. Most people agree this is a solid investment.
A study published in the Appraisal Journal documented that, “the market value of a home increases $20 for every $1 decrease in the annual energy costs.” A solar system can easily save $1,000 annually, resulting in an increase in property value of $20,000. For more information on how solar energy can increase the value of property by reducing a home’s operating cost, read this study at resnet.us; a residential energy service network.
Ohio Power Solutions works directly with Key Bank, Huntington, and other local banks to provide a financing for our residential customers. The state of Ohio Treasury Office has a low interest loan program in place for homeowners to pursue a Renewable Energy project. The interest rate can be reduced to 0.5% – 4% depending on the borrower’s credentials. This is an extremely helpful program for Ohio homeowners to leverage to help cash flow their solar panel investment. Please contact us to learn more about the financing programs available and the Eco-Link program.
If you are interested in a free site evaluation don’t hesitate to contact us. Also, check out our frequently asked questions for more information.