The Value of Solar Photovoltaic (PV) Systems
With recent clean energy legislation that removed the limit on the 30% Federal tax credit for solar systems, it is an unbelievable value now to purchase a solar photovoltaic (PV) system for your home to reduce your utility bill and protect the environment. The Florida rebate and 30% Federal tax credit combined now pay for 84.5% of your solar electric system!
Below are the economics and 30-year financial analysis of a 5040 Watt system (medium-sized) that Daniel and Janet H. in Santa Rosa Beach just purchased. The system is comprised of 28 Schuco 180 Watt DC panels with annual solar electricity production of 6773 kWh AC. Their CHELCO utility bill runs about $135 per month, and this system will offset their current annual usage of approximately 7520 kWh by 90%. These 28 solar panels are 15.4 square feet each, require 431 square feet of available roof space and have a 25-year warranty. The system life is 30 years.
The Governor's Energy Office will receive additional funding of $9.4M on July 1, 2009 for the solar rebate program to cover the current fiscal year backlog of rebates and next fiscal year rebate applications. These funds will go quickly as they have the last 3 years of the rebate program. So the window of opportunity is now.
Total System Cost $36,728
Florida Rebate ($4/Watt) -$20,000 (maximum allowed for residence)
$16,728
30% Federal Tax Credit -$11,018 (based on total system cost)
Net Cost $ 5,710
30-year Financial Analysis
Total Solar Electricity AC Production 185,919 kWh
Federal Tax Rate 34%
Discount Rate 4%
Current CHELCO Rate (Effective 07/01) $0.15/kWh
Annual Electricity Escalation Rate 15%
Net Present Value $177,786
Internal Rate of Return on Investment 36.5%
Payback in Years 4
Solar Fixed Rate Equivalent $0.04/kWh
We now offer Same As Cash, no-interest loan financing up to $25,000 with approved credit for up to 6 months on a solar system.
The Walton Sun article on our company and recent local installations can be seen at http://www.waltonsun.com/news/walton-3038-energy-incentives.html.
Thomas Knighten
Florida Area Energy Efficiency Consultant | Standard Renewable Energy
10859 Emerald Coast Parkway W., Suite 204 - 401 | Miramar Beach, FL 32550
850.980.4884 (desk) | 850.980.4884 (mobile) | 850.837.5570 (fax)
www.sre3.com | tknighten@sre3.com
Below are the economics and 30-year financial analysis of a 5040 Watt system (medium-sized) that Daniel and Janet H. in Santa Rosa Beach just purchased. The system is comprised of 28 Schuco 180 Watt DC panels with annual solar electricity production of 6773 kWh AC. Their CHELCO utility bill runs about $135 per month, and this system will offset their current annual usage of approximately 7520 kWh by 90%. These 28 solar panels are 15.4 square feet each, require 431 square feet of available roof space and have a 25-year warranty. The system life is 30 years.
The Governor's Energy Office will receive additional funding of $9.4M on July 1, 2009 for the solar rebate program to cover the current fiscal year backlog of rebates and next fiscal year rebate applications. These funds will go quickly as they have the last 3 years of the rebate program. So the window of opportunity is now.
Total System Cost $36,728
Florida Rebate ($4/Watt) -$20,000 (maximum allowed for residence)
$16,728
30% Federal Tax Credit -$11,018 (based on total system cost)
Net Cost $ 5,710
30-year Financial Analysis
Total Solar Electricity AC Production 185,919 kWh
Federal Tax Rate 34%
Discount Rate 4%
Current CHELCO Rate (Effective 07/01) $0.15/kWh
Annual Electricity Escalation Rate 15%
Net Present Value $177,786
Internal Rate of Return on Investment 36.5%
Payback in Years 4
Solar Fixed Rate Equivalent $0.04/kWh
We now offer Same As Cash, no-interest loan financing up to $25,000 with approved credit for up to 6 months on a solar system.
The Walton Sun article on our company and recent local installations can be seen at http://www.waltonsun.com/news/walton-3038-energy-incentives.html.
Thomas Knighten
Florida Area Energy Efficiency Consultant | Standard Renewable Energy
10859 Emerald Coast Parkway W., Suite 204 - 401 | Miramar Beach, FL 32550
850.980.4884 (desk) | 850.980.4884 (mobile) | 850.837.5570 (fax)
www.sre3.com | tknighten@sre3.com
Labels: clean energy legislation, energy savings, federal tax credit, pv systems, solar photovoltaic, solar power
