Searching for a reliable solar company in West Palm Beach, FL? Look to SunLynk! We specialize in solar panels and can provide services such as installation, repair, and upkeep. We also offer financing options to help make going solar more affordable. Contact us today to learn more about our services – installation of solar panels, solar panels system maintenance, or to schedule a consultation and get a free quote about your solar project in West Palm Beach!
The Basics of How Solar Technology Works
The majority of home solar installations are grid-tied, which implies that you still have a physical connection to the utility company in your area. The purpose of staying connected to the utility is to take advantage of net metering and ensure that you have power even when the sun isn’t shining.
A grid-tied residential solar system is made up of three technologies: solar panels, an inverter, and a utility meter.
- Solar panels absorb energy from the sun and convert it into electricity.
- The inverter takes the raw energy and makes it usable for our needs.
- The utility meter serves as the connection between the system and the grid.
- The fourth, optional component is a battery. This stores solar energy generated at home instead of sending it to the grid. Batteries are important for backup power in case of a grid failure.
Solar Installation Incentives
Saving energy saves money. By transitioning to solar panels, you will:
- Save money on your utility bill
- Participate in environmental governance
- Become eligible for state and federal tax credits
The credit put in place by the government covers a substantial portion of the cost of putting a solar system in place. All US homeowners across the board will receive a tax credit of 30% of the total cost of their solar energy system.
There is no limit to the cost or size of the system. Homeowners are not limited to one property- second homes qualify, as well. New construction will also qualify for this tax credit. This particular tax credit is available at 30% until 2020 when it decreases by a few percentage points each year until it expires at the end of 2021.
While a majority of states have yet to join, some have taken quick action. Some states match the federal 30% credit! Moreover, your local utility provider may give you additional benefits for going solar. With thousands of power companies in our 50 states, it’s impossible to go into detail about every policy on this site. For more information, we recommend talking to a local expert. If you’re interested, we’d be happy to get the conversation started.
Solar Panels Net Metering
The purpose of net metering is to equalize energy production and consumption in the home by monitoring it. For example, as you use more power from your local utility company, your electricity meter will slowly increase. However, if you generate extra energy on your roof with solar panels, that same electricity meter will then run in reverse.
Solar energy production is most optimal in the early afternoon. However, power users in the home are typically highest during morning and evening hours. Therefore, your solar system will likely generate more power than you are using throughout the day. This credit can be redeemed with your state’s electric company for later use. Although most states allow net metering, keep in mind that policies and rules can differ from state to state.
A little-known fact about solar energy is that you don’t have to buy panels. Many businesses lease the panels for a monthly cost with no money required upfront. You would then use the energy produced by said panels. With this model, you don’t own the equipment outright; the firm leasing the solar panels is instead responsible for maintaining the system.
In the end, you’ll have a lower monthly power bill. Although a Power Purchase Agreement (PPA) has little to no cost for solar panel installation and maintenance, your monthly payments will differ from other methods. You will pay a fixed price per kWh used instead of paying a flat ‘rent’ for the system. Although the two models do have some notable differences, it’s unlikely you would have to choose between one or the other. Different areas usually have different rules and regulations involving leasing and PPA Solar Leasing; more than likely, your location will determine which program is attainable.
Best Solar Companies - Solar Financing in West Palm Beach FL
While Solar Leasing and PPA options are often more affordable in the present, owning a system outright comes with advantages of its own. For example, in recent years solar ownership has become increasingly economically practical. By owning your energy system, you are eligible to claim the full federal tax credit. This means that if you have a $10,000 system, you can save $3,000. For a $20 000 system, the savings are doubled to $6,000.
Homeowners are increasingly turning to solar power, urged on by state and local government programs. Based on your location, you may additionally be able to gain from state tax reductions. In a solar lease agreement, the leasing company (lessor) is still the owner of the panels and thus eligible for all applicable tax credits. When purchasing or financing solar these tax incentives belong to the homeowner. Ownership is an investment that will pay dividends in time. Third-party financing makes this investment more accessible. Our solar installers are partnered with financiers and will be able to tell you more about finance options.
If you are interested in solar power for your home or business, please contact SunLynk today. We will be happy to answer any questions you have and help you find the perfect solar power system for your needs.