Benefits of Solar Energy
Solar energy comes with multiple advantages. Here are some highlights.
- Reduced carbon footprint: Using clean solar power means you're less dependent on fossil fuels, which emit harmful greenhouse gasses.
- Better energy independence: Photovoltaic solar panel systems with battery storage systems operate through blackouts and emergencies, and you won't have to rely on the electrical grid for your safety and comfort.
- Lowered energy bills: Solar panels let you generate your own energy to power your home, reducing your regular electricity costs. You can eliminate your bills completely if you go off-grid. Plus, a significant number of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
What Solar Incentives Are Available to El Monte Homeowners?
California homeowners who decide on solar could qualify for special financing, reimbursements, tax credits and rebates. Here are just a few of the region's incentive offerings.
Incentive Type: Property Tax Incentive
Website: boe.ca.govIncentive Amount:
100% of system value; 75% of system value exemption for dual-use equipment
Incentive Type: PACE Financing
Website: wrcog.usIncentive Amount:
Eligible products can be financed for up to 25 years, depending on the useful life of the eligible product.
Minimum financing: $5,000
The financing may not exceed fifteen percent (15%) of the market value of the property, up to the first seven hundred thousand dollars ($700,000) of the property’s market value, and ten percent (10%) of the remaining value of the Property above seven hundred thousand dollars ($700,000) minus any PACE assessment on the propertyThe total amount of any annual property taxes and assessments shall not exceed five percent (5%) of the property's fair market value, determined at the time program financing is approved.
Incentive Type: PACE Financing
Incentive Amount:
Locally determined
Incentive Type: Rebate Program
Website: selfgenca.comIncentive Amount:
For projects 30 kW or larger, 50% of incentive will be received up-front; 50% will be received based on actual kWh production over the first 5 years. For projects under 30kW, 100% of the incentive will be paid up front.
Incentives will step down over time. See below for incentive amounts.
Incentive Type: Feed-in Tariff
Website: cpuc.ca.govIncentive Type: Feed-in Tariff
Website: ladwp.comIncentive Amount:
$0.17/kWh adjusted by a time of delivery multiplier
Base price will step down over time as certain MW goals are met
Incentive Type: Rebate Program
Website: gosolarcalifornia.ca.govIncentive Amount:
Step 1 Incentive Rates (contact utility to determine current incentive levels):
Single Family Residential Incentives:
Systems that displace natural gas: $29.85 per estimated therm displaced
Systems that displace electricity or propane: Funding has been exhausted
Commercial/Multifamily Incentives:
Systems that displace natural gas: $20.19 per estimated therm displaced
Systems that displace electricity or propane: $0.42 per estimated kWh displaced *** Note, funding has been exhausted in this category for SCE and PG&E
Solar Pool heating: $5.00 per estimated therm displaced
Incentive Type: Personal Tax Credit
Website: ecowatch.comIncentive Amount:
30% federal tax credit for systems placed in service after 12/31/2021 and before 01/01/2033. Good for: solar water heat, solar photovoltaics, biomass, geothermal heat pumps, wind (small), fuel cells using renewable fuels.
How To Choose the Best Solar Company in El Monte
The more thorough your company research is, the better your photovoltaic system will ultimately function. Here are some key items to consider while searching for a solar provider.
Licensing and Training
California requires solar companies to hold licenses for each type of equipment they install, which can include solar pool heaters, photovoltaic (PV) systems, water heaters, HVAC, and boilers. Contractors must take a highly comprehensive educational series, gain four years of field experience, and pass written exams to earn licensure. Solar installers can also pursue accreditations from standards organizations and trade groups. The most respected ones in the industry come from the NABCEP. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in El Monte
The type of solar panels you choose determines how much energy you can generate. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
Additional accessories, such as electric vehicle (EV) chargers and battery storage, will add to your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not all solar companies provide these optional components, so look for a provider that installs them if it's a priority for you.
Generally speaking, it costs about $17,350 for a five-kilowatt solar array in El Monte. This table shows more specific prices for different solar panel types and system components in your area.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,194 |
| Solar Polycrystalline | $931 |
| Thin-Film | $544 |
| Solar Battery | $764 |
| Solar Home EV Charger | $2,865 |
Financing Solar Energy in El Monte
There are many ways to pay for new solar panels, and the right one will lower your costs. A few of the most common options include cash payments, loans, power purchase agreements (PPAs), and leases. Most solar experts recommend a cash payment or using a solar loan. Cash payments require a large up-front sum, but they save you from paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a home or auto loan, you'll pay a set monthly rate with as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on the energy you use, as with an electric bill. We typically don’t recommend these two options because you won't own the solar system and cannot use solar incentives. We suggest working with a provider that offers multiple financing options. Talk to each consultant about what's available, and get more than one estimate for the best odds of staying within your financial plan.
The table below lists the average payback periods for different capacities of solar systems in El Monte.
The IRS allows you to claim a 26% federal solar tax credit on the full cost of the solar system, so long as you purchase it before 2032. Municipal authorities and utilities might also offer their own incentives, financing programs, and rebates that could save you more money.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 1.4 years |
| 2 kW | 2.7 years |
| 5 kW | 6.8 years |
| 10 kW | 13.7 years |
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Frequently Asked Questions About Solar in El Monte
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in El Monte?
Will solar energy systems raise my El Monte home worth?
How can I assess my home's solar feasibility?
How long is a El Monte solar panel's average lifespan?
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Should I get quotes from multiple El Monte solar companies?
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