Solar Panel Credits Pennsylvania

The main advantage of installing solar panels in pennsylvania is the state s net metering law which requires retail sellers of electricity to provide their solar customers with credit that is equal to the retail rate of electricity for the excess generation their systems create.

Solar panel credits pennsylvania.

One of the better financial incentives available to pennsylvania residents is the solar alternative energy credit srecs system which began with the creation of the aeps program. To be classified as tier 1 the electricity. Energy information administration the average pennsylvania family consumes more than 10 000 kilowatt hours kwh of electricity annually and spends more than 2 000 per year on energy bills. As of early 2016 the going rate for these credits in the state was about 15 per megawatt hour mwh of solar.

In addition to the state specific incentives and programs mentioned above you can reduce the cost of your solar panels system by 30 percent thanks to this great government program. Solar renewable energy credits or srecs are another way that pennsylvania helps homeowners save on solar 2 however srecs are only available when you purchase your system and that can get complicated fast. Solar renewable energy credit srec the third major financial incentive program available in pennsylvania is the solar renewable energy credit srec scheme sometimes referred to as solar power performance payments or production incentives. The value of solar incentives in pennsylvania is even greater when taking into account the recent extension of the federal investment tax credit itc for solar.

Pennsylvania s rps is split into two separate requirements. The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar. A renewables portfolio standard rps requires utilities in the state to eventually source at least a certain percentage of their electricity from clean renewable sources like solar panels. Financial incentives energy financial incentives for pennsylvania residents.

With power prices above the national average the return on investment for an installation of solar panels in the keystone state is one of the best in the us. For residents srec payments are a solid financial incentive to go solar. In 2018 pennsylvania has over 354 megawatts of solar power generation installed at nearly 19 000 homes farms and businesses and nearly 5 000 people employed in the solar energy field. For each megawatt hour of energy you produce you earn an srec.

The solar industry is growing at an unprecedented rate providing emissions free power opportunities for all sectors.