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{"source_url": "https://www.thebeaconnewspapers.com", "url": "https://www.thebeaconnewspapers.com/the-financial-perks-of-going-solar/", "title": "The financial perks of going solar \u2013 Beacon", "top_image": "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/favicon-32x32.png", "meta_img": "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/favicon-32x32.png", "images": ["https://www.thebeaconnewspapers.com/wp-content/uploads/2018/01/dreamstime_s_82701809-378x408.jpg", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/01/dreamstime_s_82701809_377x407.jpg", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/11/ClassifiedsNotice-378x407.jpg", "https://www.thebeaconnewspapers.com/wp-content/uploads/2019/12/solar-panels-312x292.jpg", "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/favicon-32x32.png", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/01/dreamstime_s_38638782-378x408.jpg", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/11/Classifieds_LB_1119.jpg", "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/sidebar-noimage.png", "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/logo.png", "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/print-icon-black.png", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/11/ClassifiedsNotice.jpg", "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/search-icon.png", "https://www.thebeaconnewspapers.com/wp-content/uploads/2018/01/dreamstime_s_38638782_377x407.jpg", "https://www.thebeaconnewspapers.com/wp-content/uploads/2019/08/Beacon-Seniors-Ad-728x90-8-2019-D4.jpg"], "movies": [], "text": "The financial perks of going solar\n\nBy: Pat Mertz Esswein Posted on: January 01, 2020\n\nIvica Bilich and Jennifer Twiggs, of Charlotte, North Carolina, love their house\u2019s solar panels.\n\n\u201cWhen I pull up to my house on a sunny day and see the panels, they look like a slot machine dropping money on my front porch,\u201d Bilich said.\n\nThe couple had been thinking about going solar for years, but in the fall of 2018, the numbers \u2014 a combination of falling costs and incentives \u2014 finally made sense.\n\nA local solar installer proposed a system that cost $20,000 before any incentives. The couple learned they would get a federal tax credit of $6,000 \u2014 30% of the cost of the system \u2014 and a $4,320 rebate from Duke Energy. The incentives reduced their total cost to $9,680.\n\n\u201cIt was a no-brainer for us,\u201d Twiggs said.\n\nThe case for going solar\n\nHomeowners have been installing solar panels at a record pace, taking advantage of falling prices and the federal tax credit, which is slated to be phased out by 2022.\n\nSolar panels are getting more powerful, more efficient and cheaper every year, according to industry experts. The average household will recoup the cost of their system in just over seven years.\n\nConsider your house\u2019s site\n\nIf you pay a high electric rate and live in a sunny location, there\u2019s a compelling case for going solar.\n\nFor an estimate of the cost and benefit of adding solar panels to your home, use the EnergySage Solar Calculator. It uses a combination of satellite imagery (to see your roof, its size and orientation to the sun), data you provide about your electricity bill, real-time cost data from solar firms in your area, and its own proprietary formulas.\n\nEnergySage recently launched the EnergySage Buyer\u2019s Guide, which allows consumers to easily search, filter and compare solar equipment (panels, inverters and solar batteries) based on quality rating, aesthetics, performance and pricing.\n\nIn most states, homeowners whose systems produce more electricity than they use can send the excess to the utility\u2019s electric grid and receive credit on their electric bill. (To see what incentives your state offers, visit dsireusa.org.)\n\nWays to pay\n\nA decade ago, a residential system cost $40,000 to $60,000, according to Vikram Aggarwal, CEO of EnergySage.com, and solar financing wasn\u2019t available. Today, with the cost of a typical system running $18,300 before the tax credit and incentives, two-thirds of homeowners have purchased their systems outright.\n\nBuying your system will maximize the financial benefit, but third-party ownership [where the installer owns the panels and you pay them monthly for using them or for the energy they generate] can still reduce your electric bills. With third-party ownership, the solar firm benefits directly from the tax credit, not you \u2014 though it may pass along a lower cost to you.\n\nIf you don\u2019t own your panels, you\u2019ll see 15% to 30% lower utility bills, Aggarwal said. But if you pay for a system with cash, you\u2019ll enjoy 100% of the savings \u2014 after you recoup the cost of the system.\n\nIf you want to finance your system, tapping a home-equity line of credit is a good way to do it. The debt is deductible because it\u2019s secured by your home and the panels are a substantial home improvement.\n\nIn 2020, the tax credit drops from 30% down to 26%; in 2021, it falls to 22%. After that, it disappears.\n\n\u00a9 2019 The Kiplinger Washington Editors, Inc. Distributed by Tribune Content Agency, LLC.", "keywords": [], "meta_keywords": [""], "tags": [], "authors": ["Pat Mertz Esswein"], "publish_date": null, "summary": "", "article_html": "", "meta_description": "", "meta_lang": "en", "meta_favicon": "https://www.thebeaconnewspapers.com/wp-content/themes/beacon/images/favicon-32x32.png", "meta_data": {"viewport": "width=device-width, initial-scale=1"}, "canonical_link": "https://www.thebeaconnewspapers.com/the-financial-perks-of-going-solar/"}