Residential Solar Installations
Residential Roof Rack Array
Residential Ground Mount Array
What to Know About Residential Solar
30% of the installed cost of the solar system can be accounted for as a tax credit under the Residential Renewable Energy Tax Credit. This value can be totally used in the first year or can be spread out over many years following the installation. As a homeowner you may file an IRS form 5695 https://www.irs.gov/pub/irs-pdf/f5695.pdf .
Michigan Saves is a home energy loan program that helps homeowners take control of their energy costs. This a 10 year loan with fixed interest rates from 4-7% for loans up to $30,000 for solar energy installments. Once the loan is approved Peninsula Solar can begin the installment without an upfront cost to the homeowner. For more information about Michigan Saves Loan Program click here: http://michigansaves.org/home-energy-loan-program/
Michigan Saves Finance Example
- ● Many approved Michigan Saves Loans in the Upper Peninsula of Michigan qualify for fixed interest rates at 4% for $20,000.
- ● A 10 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 in tax write-offs that can be applied in the first year or incrementally spread out over the lifetime of the system.
Systems installed by Peninsula Solar have a 25 - 30 year manufacture warranty with no cost to the consumer.
Peninsula solar can install most residential solar systems for $2.00 - $3.00 per watt. Our typical residential invoices range from $14,000 to $40,000. Many factors influence the price of installing a solar system, such as the size of the system, size of your roof or ground-mounted system, inclusion of a battery storage system, and distance between your electrical panel and the solar array. However, tax credits, grants, and net metering can further offset the cost of installing solar.
● System Size
● Sun Exposure: the more sun the more solar production
● Roof Pitch: a roof with a steep pitch requires more labor hours
● Type of Roof: standard composite and metal roofs are lower cost that tile
● Ground Mounts: require extra material and labor
● Battery Bank Inclusion: average battery cost is around $5000.00 per battery