Solar FAQs
Which is better: Owning the solar power system or having a power purchase agreement?
There are many factors that can affect which option is the right fit for you, including the size of your roof, the amount of annual sun exposure, shading, roof condition, annual power consumption, and your tax liability. Our expert consultants will work with you to determine which route of makes the most sense for you. In almost every scenario, either option is better than staying with your traditional utility for electricity.
How do I get my solar tax credits?
When filing your tax returns, you’ll simply complete a form to claim your solar tax credits. The federal credit is currently for 30% of your total system cost, and the state credits vary from state to state. If you cannot claim the entire amount of credits in the first year, you can claim the remaining amount in future years. Please consult with your tax adviser on claiming these tax incentives.
In some states, there are even additional incentives for converting to a renewable energy source, on top of available tax credits.
If I finance my solar energy system, is there a penalty to pay it off early?
There is no penalty if you decide to pay of your solar powered system early. Many customers take their incentives and apply them towards paying off their system. As soon as you do this, your system provides you free power!
I pay very little, or not tax; does going solar still make sense for me?
Even with little to no tax liability, solar energy can still makes a lot of sense for you! Think about it, you still have a monthly bill for electricity, and chances are you’ve noticed your rate for electricity consistently go up over the years. Not only would you use a clean and renewable energy source you can lock in a fixed rate for power. In most cases, going green saves you a lot of money, even if you can’t claim the tax credit. Your system will have a 20+ year warranty, and they are predicted to have a useful life of 10-20 years beyond the warranties.
I am moving soon, does it make sense for me to go solar?
Definitely! Since having electricity in your home is not an option, the buyer of your home will be drawn to the fact that they will save money on their electricity costs as soon as them move in. You can simply transfer the solar energy system to the new owner, or many home buyers wrap the cost into their mortgage, possibly eliminating a bill for electricity!
What to do with your solar energy system when you move?
There are many studies showing that installing solar can be a significant increase in your home’s value. We’ve had the pleasure of assisting many customers when they sell their home.
What if my solar panels break or malfunction?
The good news is your equipment is backed by a long term, 20-25 year manufacturer’s warranty! You can rest easy knowing your decision to go solar is safe. One of the main reasons your renewable energy system is so durable, is simply because there are no moving parts.
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Summit Energy offers a wide range of cost-effective solar energy solutions. We work with homeowners and businesses to help them reduce their energy bills, while also reducing their carbon footprint.