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MANY WAYS TO SAVE Most people will agree on the environmental benefits of solar: no harmful emissions, silent energy production, and using the sun as a constant and renewable energy source. However, many people are unaware of the significant return on investment solar energy can provide. Think of buying a solar system as an investment like stocks. Once your system pays for itself, it will continue to return a high dividend for the next 30 to 40 years, all without the risks associated with stocks. Let's break down the financial benefits below. |
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SAVING ON YOUR INSTALLATION
Californians will generally save approximately 50% on their solar system's installation costs. Here's how: FEDERAL TAX CREDITS The federal government is currently offering a 30% deduction of your system costs through your federal taxes. You can roll over your credit to the following year if you do not expect to owe taxes this year. LOCAL AND STATE REBATE PROGRAMS Most states have a rebate program to help you save on the costs of installing a solar system. Local to Advanced Solar Electric, here in southern California, there are several utililty companies each with their own rebates. As an example, Southern California Edison, in conjunction with the California Solar Initiative, will reinburse $155 per watt on an installed system (based on A/C, as of 7/1/10). YOUR SAVINGS AFTER INSTALLATION The savings begin right away. Remember, you are fixing the price you pay for your electricity. The utility companies will raise their prices as they have every year for the past 30 years, at an average of 7% per year compounded (more in the last three years). The return on your investment is extraordinary. Let's use an example to illustrate: Jane Doe is tired of her $300 per month utility bill. She hires Advanced Solar Electric to install a solar electric system. Between her Federal tax credit and other rebates, she will pay approximately 42% of the original costs of her installation. Let's assume the monthly payments to purchase her solar electric system are the same amount as her previous utility bill (it is quite often less). Assuming her home energy usage does not increase substantially, Jane Doe's solar system will reduce her electric bill down to $0 (barring minor fees). Average in the increased price of electricity from the utility company at 7% compounded, she will have paid off the cost of the system within 6.8 years or less, saving over $5000 by fixing her cost of electricity. Over the course of 25 years, which is the period of her solar panels' warranty, instead of paying the utility company $175,000, Jane will have saved over $117,000 (minus the cost of her system). The lifetime of a solar panel is 30 to 40 years on average. 
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