Industry News

Rooftop solar: How homeowners should do the math on the climate change investment

Views : 217
Update time : 2022-12-19 16:57:22

Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,When Josh Hurwitz decided to put solar power on his Connecticut house, he had three big reasons: To cut his carbon footprint, to eventually store electricity in a solar-powered battery in case of blackouts, and – crucially – to save money.

Now he’s on track to pay for his system in six years, then save tens of thousands of dollars in the 15 years after that, while giving himself a hedge against utility-rate inflation. It’s working so well, he’s preparing to add a Tesla-made battery to let him store the power he makes. Central to the deal: Tax credits and other benefits from both the state of Connecticut and from Washington, D.C., he says.

“You have to make the money work,″ Hurwitz said. “You can have the best of intentions, but if the numbers don’t work it doesn’t make sense to do it.” 

Hurwitz’s experience points up one benefit of the Inflation Reduction Act that passed in August: Its extension and expansion of tax credits to promote the spread of home-based solar power systems. Adoption is expected to grow 26 percent faster because of the law, which extends tax credits that had been set to expire by 2024 through 2035, says a report by Wood Mackenzie and the Solar Energy Industry Association. 

Those credits will cover 30 percent of the cost of the system – and, for the first time, there’s a 30 percent credit for batteries that can store newly-produced power for use when it’s needed.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

“The main thing the law does is give the industry, and consumers, assurance that the tax credits will be there today, tomorrow and for the next 10 years,” said Warren Leon, executive director of the Clean Energy States Alliance, a bipartisan coalition of state government energy agencies. “Rooftop solar is still expensive enough to require some subsidies.″Nationally, the cost for solar in 2022 ranges from $16,870 to $23,170, after the tax credit, for a 10-kilowatt system, the size for which quotes are sought most often on EnergySage, a Boston-based quote-comparison site for solar panels and batteries. Most households can use a system of six or seven kilowatts, EnergySage spokesman Nick Liberati said. A 10-12 kilowatt battery costs about $13,000 more, he added.Solar Damper,Lithium battery,Solar tracker actuator,Solar Tracking Controller,NMRV Series Worm Gear Reducer,Planetary gear motor,

Related News
Read More >>
Mass Megawatts' patent-pending solar tracking tech spurs project sales Mass Megawatts' patent-pending solar tracking tech spurs project sales
Jan .10.2023
Mass Megawatts' patent-pending solar tracking tech spurs project sales
House lawmakers, advocates want $5B to help Puerto Rico install rooftop solar, storage systems House lawmakers, advocates want $5B to help Puerto Rico install rooftop solar, storage systems
Nov .23.2022
House lawmakers, advocates want $5B to help Puerto Rico install rooftop solar, storage systems
Amazon tie-up with Amp Energy to establish its first solar project in India Amazon tie-up with Amp Energy to establish its first solar project in India
Sep .28.2022
Amazon tie-up with Amp Energy to establish its first solar project in India
PDO plans new solar project with battery storage in North Oman PDO plans new solar project with battery storage in North Oman
Sep .20.2022
PDO plans new solar project with battery storage in North Oman