Over the last few years, the effects of climate change have become more predominant as depleting fuel sources and rising temperatures cause more atmospheric disturbances.
Numerous industries and government organizations are now encouraging a shift towards sustainable practices to address this. Their efforts include harnessing the sun’s energy for power.
While the initial shift to using solar power can be costly and time-consuming, the expected results are well worth the investment. It not only provides numerous benefits for the planet but for property owners as well.
If you want to learn more about how you can become a green consumer and convert your property to support solar panel installations, use the infographic below as your guide.
Factors to Consider
Choosing to go solar can be a costly investment. To ensure it can be profitable, you’ll need to consider these essential factors before making your final decision.
Location matters in terms of how much sun your property gets on average. If you live in an area with tall buildings or trees, your panels won’t have optimal efficiency. It can also become a massive drawback during seasons when sunlight is scarce.
Amount of energy needed
Each solar panel has a limited capacity on how much power it can absorb at a time. If you don’t have enough installed, you won’t be able to generate enough electricity to power your daily needs.
Research getting the proper documents and permits for your solar project. Depending on your area, there may be more requirements you need to submit than others. Some locations may also take a longer time to process your applications.
Initial costs and savings
Investing in solar panels has high initial costs. Depending on your intent, installations may provide more energy savings long term. It’s best to consider your financial capacity and the strategies you want to use to fund your project.
Solar panels are heavy installations that need sufficient support from your property. If your roofing can’t handle the equipment’s weight, you’ll need to renovate and secure your building first.
Length of intended use
The average lifespan of a solar panel can last between 20 to 30 years. Before you schedule your installation, determine if you’ll stay on the same property for the given period.
Other sources of power
Some property owners don’t want to rely solely on solar energy. You may stay connected to a city’s grid if you don’t have sufficient energy stored. So, you can switch to it once you run out of power.
Type of solar panel
Property owners need to know that investing in a solar property isn’t a simple task. To better guide you, here are the steps you need to take before installing your solar panels.
Determine your home’s energy consumption
Before proceeding with your solar panel installation, determine your property’s average electricity consumption. It can help you figure out if going solar is enough to cover your needs or if other energy-saving options can suffice.
Send out inquiries to installers and get a quote
If you’re sure your property is a good fit for solar panels, reach out to different installers to get a quote on how much your project may cause. Doing this can help gauge if you’re paying a fair price for the right system you need.
Schedule a site visit
Book an appointment with a site engineer to inspect your property and electrical system. Depending on their review, you may need to make changes to better support the proposed installment plan.
Complete the necessary documents and permits
Apply for all the required permits with your local government and submit all other requirements. It may include your proposed plan for the installation, how you’ll finance the project, and other related documents.
Order the equipment
Once all your paperwork is in order, you can start buying the necessary equipment for your solar panel installation. After the site engineer examines your property, they may also give a list of materials to you in your approved proposals.
Get the best provider and installer
Choosing a reliable partner like SolarNRG can help ensure that you have the best quality equipment given at a fair price. It’s also crucial that the company can help you attain your solar goals and meet your needs accordingly.
Apply for approval in your designated area
A government representative will need to examine your project to ensure that your solar panel installations are up to local standards and regulations. Their evaluation can also determine your eligibility for applicable tax credits.
Connect to the grid
After the approval of your local government, you’ll need to work with your utility providers next. A representative from your electrical company will inspect your solar project and approve or deny your connection to the city’s power grid.
Incentives for Going Solar
Switching to solar power can have a lot of benefits. Here are a few incentives that may make the investment worthwhile for you.
Investment tax credit
A federal investment tax credit (ITC) allows you to gain back a certain percentage of what you spent on solar through your taxes. It can directly offset your dues which leads to higher tax refunds.
Many cities don’t include the value of your solar panel system in the property taxes you owe. It allows you to initially increase the value of your assets without the burden of facing more tax charges.
Some countries offer duty-free importation of renewable energy equipment, machinery, and other materials.
Net metering is a performance-based incentive that allows you to satisfy your electricity demand solely from your solar panel system. When you have generated excess power, the surplus is sent to the grid that could be used later and offset the cost when needed.
Instead of a tax rebate, some cities may offer cash refunds upfront for your initiative in installing a solar panel system. However, these are usually available for a limited time, depending on whether your area has already met several installations.
Solar Renewable Energy Certificates (SRECs)
In many countries, government organizations have renewable portfolio standards that require their utilities to be generated from renewable energy sources. The SREC can act as additional income once your system generates a certain percentage of power for the city.
State tax credits
In countries like the U.S, each state offers additional tax credits for installing solar panel systems onto your property. The amount can vary depending on where you live, but it’s still considered significant when paired with the federal ITC.
Some utility companies or private organizations may approve you for a subsidized loan to fund your solar panel installation. But, while these incentives may come at a reduced interest rate, they’re typically limited depending on the area and its quota for renewable energy generation.
Accelerated depreciation for businesses
Businesses that install a solar panel system can reduce their tax burden through a Modified Accelerated Cost Recovery System (MACRS). Those qualified for the program can be eligible for a cost recovery period of up to five years, giving you more savings.
Gain More with Sustainable Sources
As the effects of climate change continue to affect the environment and our quality of life, it’s imperative to adopt sustainable practices and solutions. But apart from reducing plastic waste and supporting eco-friendly brands, property owners now have a bigger and more exciting initiative to go green: switching to solar power.
Unlike energy sources like oil or fuel, solar energy is renewable and infinite. For this reason, solar panel installations can be a beneficial investment with many other incentives. However, this big decision should be carefully considered and thought out.
If you want to learn how to make a smooth transition to solar energy, reach out to experts at SolarNRG today for all your solar product needs.