What To Consider
Everyone would like to lower their utility costs, and installing a solar system on your home’s roof may be great option. But to reap the benefits of solar and support renewable energy, it isn’t the only option.
At Solar On Earth we consider it our job to take a customer from “not knowing to knowing”. We do this because we believe that an educated customer is our best customer. Because we offer a range of solutions, our goal is to find the one that most benefits you.
Our Solar Specialists can guide you through the process of determining whether building and owning a rooftop system makes financial sense. If it does – great. You’ll generate the highest savings and our operations team can help design the optimum system for your location and budget.
But if investing in a solar system isn’t the best choice, or if your home’s characteristics are not suitable for a rooftop system – and most are not – we’ll present alternatives including one that requires no investment or solar panels on your roof called community solar.
Residential Solar Options
Many companies that focus on the residential solar market offer a lease product. This is where the solar company installs a leased system on your roof and sells you the power the system produces through a power purchase agreement or PPA. Typically, these agreements include yearly price increases or escalators to the price of the electricity. This option can save you about 30% on your utility bill and you don’t have to invest any money. The downside is that you give up control of your roof to the solar company for 20 years.
By purchasing and owning the system yourself, it’s possible to eliminate your utility bill all together. Long-term, this option may make the most financial sense, but it requires a sizeable initial investment. Incentives are available to offset some of the expense. For example, the Federal Investment Tax Credit or ITC currently provides a tax credit of up to 30% of the system cost. The key question to answer to determine if ownership makes sense is whether the capital requirement and subsequent savings provide a sufficient return on investment within an acceptable time frame.
A Third and Best Option for Most Homeowners
Today, a third option exists called community solar. In fact, for most homeowners it’s the only option for those that would like to go solar. Community solar might not save you the most money but you invest nothing, and no panels are installed on your roof. That’s the beauty of community solar: you’ll save money and help the environment just by subscribing to a solar farm built and operated within your utility load zone.