How does solar work?
Individual photovoltaic (PV) cells are connected to make a PV solar panel. Panels are connected to create a solar array, which can be located on your roof or ground. The size of this system is measured in kilowatts (kW), which is determined by panel wattage and the number of panels. This system will convert sunlight into direct current (DC) electricity, which travels through wires to an inverter that will convert it to usable alternating current (AC) electricity. System production, in terms of kilowatt-hours (kWh), is dependent on system size (kW), azimuth (compass direction), tilt angle, and geographic location.
Your solar system size is designed based on your electricity usage, desired energy offset goals, available roof or ground space, and budget. SunVest Solar will work with you to design a solar system that meets your individual needs. After installation, we will monitor the system so you can be assured it is meeting production goals.
What is Net Metering?
Net metering allows commercial and residential customers who generate their own electricity from solar power to sell the electricity they aren’t using back into the grid. Utilities may offer net metering programs voluntarily or as a result of regulatory decisions and it differs depending on state. SunVest stays up-to-date on both state and federal solar initiatives to get you the return on investment you deserve.
Is solar an affordable solution?
With tax credits and incentives, solar electric systems cost less than half what they did even five years ago. Meanwhile, utility costs keep climbing higher.
Solar benefits include thousands of dollars saved in energy costs over the life of the system and a healthier quality of life. Solar is clean, sustainable energy, and reducing your fossil fuel consumption means reducing your carbon footprint.
If you don’t have the cash available to purchase a solar system, SunVest Solar can help you with solar financing. Depending on terms, the value of solar energy may be greater than your finance payment, resulting in immediate savings.
There are other financial options to explore as well.
COUNTDOWN UNTIL THE 26% TAX CREDIT ENDS
Tax Credits and Incentives
2022: Owners of new residential and commercial solar can deduct 26% of the cost of the system.
2023: Owners of new residential and commercial solar can deduct 22% of the cost of the system.
2024 onwards: Owners of new commercial solar energy systems can deduct 10% of the cost of the system from their taxes. There is no federal credit for residential solar energy systems.
Third Party Solar Financing
Third-party solar financing is primarily one of two ways:
- Power purchase agreements (PPAs)
- Solar leases
In a PPA, SunVest designs and installs a solar energy system on your property. There is little to no upfront cost to you. Solar production offsets your electric utility bill, and we sell you the solar power generated at a fixed rate – usually at a better rate than the local utility.
Under a solar lease, you lease (rent) the equipment from SunVest at a fixed rate for a term of 10-20 years and benefit from the solar power generated. In exchange, SunVest makes the investment to purchase and install the solar panel system, and we benefit from applicable tax credits for owners.
These options are not available in some states and utility markets. SunVest can help you determine if it’s an option for you.
SunVest has extensive knowledge with aiding non-profits, not-for-profits and tribal organizations with creative financing solutions.