Getting a solar system for your home can be an extremely beneficial way to save money over time as well as take advantage of the existing federal tax credit. Why now? The existing federal tax credit ends in 2016. This means that you have roughly a year and a half to decide so solar power can be installed and operational in order to qualify. Combined with lower costs for the panels and installation, this is the least expensive solar panels have ever been to purchase or lease. If you lease, the financing entity takes the tax credit and it is reflected in lower payments to you.
The sooner that you are able to invest in solar power, the sooner you will be able to start saving. With a purchase, the typical solar power payback period in the Coachella Valley in cities served by Southern California Edison is 7 – 8 years. Want to lease with no money out of your pocket? Fixed lease monthly payments are a great way to be able to budget for the same energy bill every month, and savings that will continue to increase as electric rates rise and your payments remain fixed. The installation for leased panels is free and your payments are typically at least 25% less than what you were previously paying for electricity.
The cost of electricity will only continue to increase in Palm Springs and the surrounding area, which already has one, if not the, highest electrical rates in the country.
However, with an ample supply of sunshine year round, more and more residents are choosing energy independence with solar power to save themselves money and help the environment.
Take advantage of the solar tax credit by 2016, reduce your carbon footprint and enjoy clean green power for less.