Being a Pennsylvania resident and homeowner you might have wondered to yourself; is going solar worth the investment? (Especially when there is on average 180 days of sunshine.) The answer is, yes! It is worth the investment. Resnick Roofing & Contracting calculated that an average size family home (one-thousand seven hundred square foot home) with a twelve panel system saves about 85% on their annual energy bill. Beyond that, homeowners are offered 3 additional incentives to save money on their solar panel investment.
The first way is with Federal Tax Credits for Consumer Renewable Energy. From 12/31/20 through 1/1/2022, Pennsylvania residents who install solar energy systems (like roof integrated solar panels) and begin service within that time will receive a tax credit of 22%. This is for homeowners who begin service for their new or existing home. (Unfortunately, rentals do not qualify for this tax credit.) As of now, after 2022, this incentive will expire unless Congress renews it (fingers crossed!).
Solar renewable energy credits (SRECs) are also a nice incentive for homeowners to go solar. Consider this…the Department of Environmental Protection calculated that on average, a Pennsylvania family consumes 10,000 kilowatt hours per year. In SREC terms, for every megawatt hour (1,000 kilowatt hours) of energy you produce, you earn a SREC. Utility providers must buy back a certain amount of credits each year to meet the renewable portfolio standards of the state. SRECs are based on market value and fluctuate due to supply and demand within the market. On average, in 2020, PA SREC prices hovered around $23 and homes can potentially earn an additional few hundred dollars by selling their credits depending on the size of their solar installation.
Pennsylvania also offers solar rebates in the form of net metering. Different from the SREC (where credits are sold to the energy company per market rates), net metering involves your electric utility company purchasing excess energy that your solar produces. For instance, if July was an extremely sunny month and your panels collect more energy than you used in your home, the electric company will credit your bill and roll it into the next month. It can go the opposite way also. In cloudier months if your home uses more energy than your panels create, you would pay the energy company the excess amount. This will take a little more time from you, the homeowner, in deciding which energy company will provide the best net metering contract.
So what we do know is that now, heading into 2021, if you were thinking about installing panels onto your home, this is the year to do it while you can still take advantage of the federal tax credit. If you are wondering if your home qualifies, here is the small checklist to qualify your home: 1. Do you have a southern facing roof that is not obstructed by trees or other buildings from the sun? 2. Is that southern facing roof clear of any vents, chimneys, skylights, dormers, etc? If you can answer yes to these two questions, you might qualify for solar!
There is no fee associated in finding out if your home is solar qualified. If you are in the Pittsburgh area, you should call us to submit a proposal on your roof to start taking advantage of everything mentioned above. Let’s start making the sun work for you! (Even if the sun only works part-time in Pennsylvania!)