Why Solar – Reason #1
IT IS A GREAT INVESTMENT
The cost of a solar power system has come down dramatically the past few over years. However, the cost of solar is not insignificant. For example, the solar installation shown has a total project cost of $34,800, but the net solar panel cost is actually considerably lower at $17,360.
This is because of a $10,000 grant from the Rhode Island Renewable Energy Fund and the Federal Investment Tax Credit (ITC – 30% of the Total Project Cost after the grant) of $7,440. This tax credit can be taken in a single tax year or spread out over several. (Note: Please consult with your accountant to understand how this tax credit can benefit you in your specific financial situation.)
The example system shown in the figures to the left (click on them to enlarge) will generate over $45,000 of economic benefit over 20 years from an initial cash outlay of $17,360.00.
This represents an Internal Rate of Return of
Where can you get that kind of guaranteed return in today’s investment climate? NOWHERE!!!!
Projects built under the other major RI solar program, the Renewable Energy Growth program can achieve similar rates of return. Though Massachusetts solar programs are changing in 2017, historically Massachusetts has been a great state for solar investment returns and the new programs look very promising. Sunwatt Solar can help you understand and select the best incentive program for you to take advantage of.
RURAL SMALL BUSINESS OWNERS ADDITIONAL INCENTIVES
If you are a farmer or a rural small business owner, the REAP (Rural Energy for America Program) provides guaranteed loan financing and grant funding (25% of solar system cost) for renewable energy systems. This program can be used with the existing state programs. REAP IS DEFINITELY WORTH PURSUING IF YOUR BUSINESS IS ELIGIBLE!!
Is Solar Worth It???
SUNWATT SOLAR CAN HELP YOU ANSWER THIS QUESTION
Investing in Solar is the right choice for many individuals or businesses. The professional team at Sunwatt Solar can help you answer this question for you or your business.
We can answer your questions about:
- How solar works
- If your home or business is suitable for solar
- Ground mounted solar systems vs. roof mounted solar systems
- How does the 30% Federal Investment Tax Credit work
- Which incentive program is right for you —
- Rhode Island Renewable Energy Growth Program (direct grid connection)
- Rhode Island Renewable Energy Fund (net metering)
- Massachusetts SREC II and follow on programs
- Financing options for your system
- Rural Energy for America Program (REAP)