The current 30% Federal Tax Credit, PA Sunshine, SRECs plus electricity savings you can help to pay for your solar investment. Both Solar PV and Solar Hot Water are eligible for the 30% Federal Tax Credit which will be available until 2016. The savings on your electric bill are very satisfying.
State and Federal Funding
The Financial Incentives for Solar PV and Solar Hot Water are still available in 2011. With the PA Sunshine Act from the State of Pennsylvania and the 30% Federal Tax Credit from the US Federal Government. Businesses can get a 30% Treasury grant in lieu of the Tax Credit if they so choose.
For each MWh of electricity you generate with your solar PV, you get one credit. The credits trade for varying amounts which is determined by supply and demand. SRECs (Solar Renewable Energy Credits) will be generated until 2021 when the current Renewable Energy Portfolio expires. PA solar share is 0.5% of the total electricity generated in the state which is estimated to be over 1,000,000 MWh. To give you some perspective A typical home uses .01 MWh.
Savings on your Electric Bill
Typical savings on your electric bill after installing Solar PV are between 30% and 80%. Imagine your electic bill shrinking from $400 a month to $100 a month. This savings will continue for many years into the future. Most solar modules are guaranteed to produce power for 20 to 30 years, however solar PV systems will continue to produce for 40 or 50 years or longer!
Net Metering is the law that requires the large electric companies to give you complete credit for every kWh of electricity that you generate with your Solar PV System. If you generate more than you use, they also must compensate you.
Hot Water heating can be one of the largest users of energy in your residence or commercial building. Installing Solar Hot water can lower your energy costs significantly. Solar Hot Water is eliglble for both PA Sunshine Rebates and 30% Federal Tax Credits.