Residential Solar Installation
What To Know About Residential Solar
Currently, 30% of the installed system cost is available to the client in the form of a federal tax credit. The tax credit can be used year one or applied over five years after the system is commissioned. Federal Tax Credit form.
Michigan Saves is a home energy loan program that helps homeowners take control of their energy costs. This is a 10 or 12 year loan with fixed interest rates from 4-7% for loans up to $50,000 for solar energy installments. Once the loan is approved Peninsula Solar can begin the installment with no upfront cost to the homeowner. Michigan Saves Loan Program.
Michigan Saves Finance Example
As an example, many approved Michigan Saves Loans qualify for fixed interest rates at 4% for $20,000.
A 12 year loan of $20,000 with an interest rate of 4% = a monthly payment of $202.45
In addition, consumers get a 30% tax write-off of the installed cost
30% of $20,000 = $6,000 applied as a tax credit that can be applied the first year or spread out over the next five
Installed systems have a 25 - 30 year manufacturer warranty dependent on what equipment is chosen for the project. One of the strongest properties of solar is the strength of the warranties inherent to the materials.
The cost of a typical installation is directly dependent on how much energy the client requires. Customers that use more energy typically require larger installations. However, It is almost always the case that the largest energy users are the ones that have the most to gain from installing solar energy. Efficiency of installation and the economics of scale benefit larger installations. Before any installation is considered, solar modeling software is used to determine system size.
Besides scale, other factors that influence system cost are:
Ease of access of job site
Difficult to access rooftops due to pitch or working height
Overly rocky, wet, muddy, or uneven ground surface
Distance from the solar array to the point of electrical interconnection
We pride ourselves on our ability to overcome obstacles and perform lasting and efficient installations in some of the most difficult working conditions. Don't write off your project, let us surprise you as to what is possible.