Solar Seminar for Consumers
Seminar Part 1
Seminar Part 2
Q & A Part 1
Q & A Part 2
- You never have to pay high prices for utility companies again.
- And you can get paid for selling energy back to utility company.
- The extra power you generate that you don't use, you are given a credit on your bill from the power company.
- Solar uses heat from the sun to heat your water.
- Solar heat can eliminate about 90% of your current hot water bill.
- What makes a home good for solar? (you can look at Google maps).
- You need a southern facing roof.
- You need to be receiving sunlight, so night blocked by trees.
- Hot water solar can use indirect sunlight but not solar photovoltaic.
- You can also put solar panels on pole mounts.
- You have to fail and today it is easy and cheap to fail.
- A few years ago before these incentives the pay back was 40 years, you can pay $40,000 on a system and maybe save only $800-$1,000 a year in utility bills.
- Current incentives for installing solar.
Federal Tax Credits.
- 30% credit (this is not a deduction), if you owe $20,000 in taxes and get a $10,000 tax credit now you only own $10,000.
- This is most likely to dry up.
- Virginia has dried up at this time.
- Maryland pays 50 cents per watt in the form of a grant, it can be about $2,000.
- In DC it's better, you would get about $11,000 on a typical system when MD would only give you $2,000.
County Property Tax Credits.
- In certain counties like Montgomery, Howard and Prince Georges, they have a $5,000 property tax credit (this is $5,000 off your taxes and if you pay less than $5,000 it rolls over to next year)
For A Basic System Costing
30% Federal Tax Credit
Property Tax Credit
Energy Savings $1,000 per year off electric bill.
Energy Credits $1,800 per year in solar energy credits.
There is a law in Maryland that says 20% of all power produced in Maryland by the year 2022 must be in renewable energy. Right now it is less than 1%. Maryland utility companies will buy you clean energy instead of paying a fine for not having clean power. That is how you can make an extra $1,800 per year from your solar system.
- You are making an average of $2,800 per year and will be able to pay back your $14,600 of cost in about 5 years.
- You can finance everything for about $1,000 down, and use your yearly savings to pay back your loan.
- If you get a 10-year loan you will make extra money every month even after making your monthly loan payments.
- Typically you can get about 50% of the price of your solar system back in the price of the house when you sell (that is in addition to incentives and payback when you are using the system).
- Incentive programs keep changing so be sure to look for updated incentive information.