With solar rebate funds at 94% capacity, homeowners are urged to act quickly
As rebates and incentives are swallowed up across the country, one thing has become clear: the time to install solar is now.
According to the Pennsylvania Department of Environmental Protection (DEP), the statewide Sunshine Program has given out $56.7 million of the $60 million available for residential solar systems. Rebates could run out this coming June.
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Evidenced by the success of this program and so many like it in the U.S., solar power is skyrocketing in popularity. More homeowners than ever are installing panels on their rooftops, benefiting the environment and snagging a check from Uncle Sam in the process.
Indeed, tax credits and rebates are what make solar affordable for so many Americans. The sooner you secure your solar rebates, the less your system will cost you. National savings range from 40-65%.
If you live in Pennsylvania, your rebates are currently set at $0.75 per watt, with a total of 5.8 megawatts remaining in the program. What does $0.75 per watt look like in the grand scheme of things?
Say, for example, your system costs $30,000, at about $6 per watt. Pennsylvania solar rebates would cover $0.75 per watt, bringing your subtotal down to $26,250. Add in the federal tax credit, which deducts 30% of your solar costs after rebates, and you’re looking at $18,375. Local rebates may also be available in your city.
With an initial savings of 39%, solar power is an investment that eventually pays for itself. If your energy bills are too high and you’re looking to reduce your carbon footprint, home solar is the way to go.
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Photo via jstuppy under Flickr CC