Solar power is one of the more interesting forms of renewable energy because it can be used to generate electricity in so many different ways, not just on big solar farms. From solar cells to solar panels, you can use the sun's energy in a number of ways. Why wait to invest in solar power Melbourne? Here are some reasons why investing in solar power now instead of later will give you the most bang for your buck and help contribute to the environmental health of our planet.
Federal Tax Credits
The federal government offers a tax credit for installing solar power systems. The credit is 30% of the cost of the system with no upper limit. If you spend $10,000 on a solar power system, you will receive approx $3,000 tax credit. The credit is available for both residential and commercial properties. State and local incentives can save you even more money on your solar power investment.
Utility Rebates
Many utility companies offer solar rebates to encourage their customers to switch to renewable energy. These rebates can significantly offset the cost of installing a solar system, making it a more affordable investment. In addition, utility companies often offer other incentives, such as net metering, which allows you to sell excess electricity back to the grid at a higher rate than you would receive for power from the grid. These programs vary by state, so be sure to research what's available in your area.
Net Metering Programs
When you install a solar panel system on your home or business, you may be eligible for a Net Metering Program. Net metering programs credit you for the extra electricity your system produces, which can offset the cost of your monthly utility bill. Some utilities even offer special rates for solar customers. With net metering, there's no need to wait for sunny days to save money – you can start saving as soon as your system is up and running.
Renewable Energy Certificates (RECs)
RECs are one way that solar photovoltaic (PV) systems can generate income in addition to the electricity they produce. When a PV system produces electricity, it also creates one REC for every 1,000 kilowatt-hours (kWh) of power generated. These RECs can be sold to utilities and other entities that are required to purchase them in order to meet renewable energy goals. Some states have set limits on how each utility can create many RECs. For example, Georgia allows each utility to create up to 15 per cent of its power from solar energy.
Carbon Offsets Incentives
The best time to invest in solar is now, while government incentives and carbon offsets are still in place. Solar panels have become more affordable, making them a great option for those looking to save money on their energy bills. In addition, solar power has become more efficient, meaning that you can generate more electricity with fewer panels. By investing in solar now, you can take advantage of these benefits and be ahead of the curve.
