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Saving Money with Solar

Purchasing solar panels for your home is a valuable investment. We are all familiar with the costs, but what about the benefits? Here are three financial benefits to consider as you determine if a solar investment is right for you.

Generate your own energy

1. Generate your own energy, save money on your energy bill

The energy that you generate from solar panels means you will purchase less energy from your local utility. Each kilowatt hour generated is money that you save. A 6 kilowatt solar array will generate around 7,674 kilowatt hours (kWh) per year. At a standard cost of electricity (around 11 cents), that’s around $844 per year in money saved. And with energy costs continuing to rise, the value of your savings will increase over time.

30% Federal Tax Credit

2. 30% Federal Tax Credit

The federal government provides tax incentives for the purchase of solar and other renewable energy assets. Upon installation of a solar array on your home, you will be eligible for the federal Residential Energy Tax Credit which is equal to 30% of the cost of systems installed by December 31, 2019. If you install a 6 kilowatt system through Solarize Cincy (estimated price $15,000), then you are eligible for a tax credit of $4,500.

Ohio SREC Incentive

3. SRECs, a state based credit system

Most states provide some additional credit for solar investments. In Ohio, public utilities must purchase a small percentage of solar for each kW of energy they sell to customers. Solar Renewable Energy Credits (SRECs) represent one mega-watt hour of electricity (1,000 kWh). For each mega-watt hour (MWh) that your system creates, you can sell the renewable attribute of the energy on the market. Due to changes adopted by Ohio earlier this year, the value of SRECs has declined. However, the current market will pay around $10 per SREC. As in the above example, a 6 kilowatt system could generate 7 SRECs or $70 per year.

How much do Solar Panels REALLY cost?

Here is the example above in more detail:

  • We purchase a 6 kilowatt solar PV system ($15,000)
  • Of that cost, we spend less on energy because we created our own ($844 in the first year or $27,765 over 25 years)
  • Plus, we received the federal Residential Energy Tax Credit ($4,500)
  • Finally, we sold our solar renewable energy credits (SRECs) ($70 per year or $1,630 over the projected life of the system)

So, in the above example, the system we purchased generates $27,765 in utility bill savings, $4,500 from federal tax credits, and $1,630 from SRECs. That’s $33,895 in benefits which puts $18,895 back into your pocket.

Here are some more examples of how much you might save by installing Solar:

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1. Pricing reflects a basic installation using a standard panel. Complex installations may require additional charges.
2. Based on an $0.11 per kWh base rate with a 2.99% annual escalation in the cost of electricity (US EIA projection).
3. Based on a SREC value of $10 per mWh over 25 years.

In the News: Solarize Cincy Launch at the Cincinnati Zoo

We’ve been in the news lately due to our Solarize Cincy launch event at the Cincinnati Zoo on October 1st. A special thanks to our local news outlets for sharing our story with their viewers.

Our coverage:

  • A nuts-and-bolts report on our Solarize Cincy program by WKRC Local 12’s Scott Dimmich
  • Energy Alliance CEO Andy Holzhauser interviewed on the second half Dan Hurley’s Newsmakers segment
  • Campaign launch coverage from WLWT 5, Fox 19, and Local 12

WKRC Local 12: Solarize Cincy report by Scott Dimmich

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WKRC Local 12: Newsmakers: Andy Holzhauser Interview
(Our Segment starts at 16:44)

Graphics_Post_Solarize-Cincy-Newsmakers

WLWT 5: Solarize Cincy Launch Event Coverage

WKRC 12: Launch Coverage

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FOX 19: Launch Coverage

Solar in Cincinnati? Yes! #4

Can Greater Cincinnati support a solar industry?

 

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These 26 organizations listed in the Solar Energy Industries Association (SEIA) database include manufacturer/suppliers (like Enerfab Inc. in Winton Place), installers (like Dovetail Solar and Wind), and other related solar services (financing, project development, consulting, and nonprofits).

See the Solar Energy Industries Association (SEIA) interactive online map for a view of Cincinnati, and the rest of Ohio’s solar industry: http://www.seia.org/state-solar-policy/ohio

 

Solarize Installers: Third Sun Solar

From Third Sun Solar:

“Are you curious about solar and whether it is a good fit for you and your home?  At Third Sun Solar we have helped hundreds of homeowners evaluate their options and make an informed choice about this exciting technology.  We are in our 15th year of focusing ONLY on clean energy, and have carefully built our stellar reputation by delighting one customer at a time.

Our focus on customer service begins with the initial consultation and educational step, where we take the time to listen to your goals and share our experience and expertise.  Informed with clear and honest answers, our customers create a custom solar system that fits their goals, their home, and their budget.  We have earned our premier status by providing a full service solution: we are more than just an installation company.

We treat you like family and work tirelessly to make sure your transition to clean solar energy is easy and fun.  Our success is based on our highly trained and very experienced team.  You will find everyone you work with at Third Sun Solar to be focused on our mission: To Accelerate the Shift to Clean Energy.”

 

“The Third Sun installation crew could not have been more professional. I have been around the construction industry for most of my life, and these guys were extremely professional and did a great job.” – Adam M.

“My system is fantastic! The installation went very smooth. It was installed, cleaned, and beautiful. I have been impressed with how knowledgeable and responsive the company is.” – J.W.

 

thirdsunsolar.com

 

New Energy Alliance Program: Solarize Cincy

We’ve launched a new program: Solarize Cincy.

Focusing on solar power is yet another way we can create significant local economic development for Greater Cincinnati. We have taken our mission of making energy efficiency easier and more affordable and applied it to solar PV installation.

By bringing residents together to purchase solar panels, we are able to tap into the power of bulk purchasing to drive down costs for homeowners. When combined with the 30% federal residential energy tax credit, installing solar becomes even more affordable.

And we’ve partnered with local installers to ensure quality installation and service.

For more information, visit our page or give us a call: 513-621-4232 ext. 119.

 

Solarize Cincinnati Webpages and Flyer