Question 1

Is solar a good investment for me and my family?

Accepted Answer

The short answer is a resounding YES.
 
You get benefit from solar today, for as many years as you are in your home, and even when you plan to sell your home.
 
Solar gives you enourmous benefit today from both the 26% Solar Investment Tax Credit and the reduction in your electricity bills today.
 
Solar saves you money on your electricity bills for as long as you live in your home with solar.  
 
Last but not least, solar increases the value of your home when you plan to sell it. The reason people pay more for a home with solar is because solar is constantly working for the homeowner. A solar system generates kilowatts (kW) of electricity which are bought by the electricity company. They pay you for the value (kW) that your system is generating regardless of who owns the home. Each kW you product is a kW you don't have to buy from the electricity company.

Question 2

What is the Solar Investment Tax Credit (ITC)?

Accepted Answer

The Solar Investment Tax Credit, ITC for short, is surprisingly pretty straight forward. 
 
When you go solar, the federal government gives you a tax credit worth 26% of the value of your solar system. A tax credit is a dollar-for-dollar reduction in the income taxes that you would otherwise have to pay to the federal government. You actually see this credit when you include the cost of your solar system in your tax filings for that year.
 
While in 2021 the ITC is 26% for residential systems, it will likely lower next year and in future years. That's why customers should go solar as soon as possible to maximize their ITC benefits if they are ready to go solar. 
 
The ITC applies to both the cash or finance purchased solar system and is an enourmous benefit of going solar. 
 
To show you the power of the ITC here is an example. Let's say your system costs $30,000. You would get a tax credit for 26% of $30,000 or ~$8,000. That's a huge discount and part of what makes solar so attractive. Even better, in the case where you financed your system, you would receive the ITC benefit without having to pay ANY money, $0 down for your system.

Question 3

What is Net Metering and how does it work?

Accepted Answer

A very important question!
 
Net metering is what allows energy companies to count how much energy a residential solar system produces.
 
The word 'net' in net metering comes from counting the difference between adding the energy you produce from solar and subtracting home energy consumption. 
 
For the rooftop solar to continue actively saving the homeowner money, this special meter is required.

Question 4

What is a solar inverter?

Accepted Answer

Inverters are a critical component of any residential solar system, as they convert the direct current (DC) electricity generated by solar panels into the alternating current (AC) electricity that powers homes and appliances. There are three main types of inverters: string inverters, microinverters, and power optimizers.

To learn more about the three main types of inverters, visit our SolarSpace blog post, Maximizing Your Solar Savings: The Role of the Inverter

FAQ

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Is solar a good investment for me and my family?

What is the Solar Investment Tax Credit (ITC)?

What is Net Metering and how does it work?

What is a solar inverter?

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