Benefits of Solar Energy
Solar energy offers multiple perks. Let's look at a few of them.
- Reduced carbon footprint: Embracing solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: You can dodge the added cost of grid-tied power by producing some electricity at home. Plus, many states offer net metering which can allow you to sell your unused energy back to help pay for your energy bill.
- Better energy independence: Solar panel systems with energy storage systems work through blackouts and emergencies, and you won't have to rely on your power company for your safety and comfort.
What Solar Incentives Are Available to Riverside Homeowners?
California homeowners who choose solar could qualify for rebates, reimbursements, tax credits and special financing. Here are just a few of the local 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 Riverside
Choosing a company is the first step toward a well-oiled and valuable solar system. Here are some key items to bear in mind while searching for a solar company.
Licensing and Training
California requires solar companies to hold licenses for each type of equipment they install, which can include solar boilers, photovoltaic (PV) systems, water heaters, HVAC, and pool heaters. Contractors must take a highly comprehensive educational series, gain four years of field experience, and pass written exams to earn a license. You should also visit a company's website to learn about its private accreditations. Two of the most respected are the PV Installation Professional and Solar Heating Installer certificates, granted by the North American Board of Certified Energy Practitioners (NABCEP). Some companies don't publish this information online, so you should also ask your estimator about them.
Cost of Solar Panels in Riverside
The kind of solar panels you purchase determines how much power 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 the best for large residential installations, but they are excellent accessories for non-traditional roofs.
Additional system add-ons, such as electric vehicle (EV) chargers and battery storage, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar provider provides these add-ons, so look for a provider that sells them if it's a priority for you.
You can plan to spend about $17,350 on average for a five-kilowatt solar energy system in Riverside. Check the table in this section to get an idea of what amount Riverside solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,188 |
| Solar Polycrystalline | $927 |
| Thin-Film | $542 |
| Solar Battery | $760 |
| Solar Home EV Charger | $2,852 |
Financing Solar Energy in Riverside
There are various ways to pay for a solar energy system, and the right one will reduce your expenses. A few of the most common options include leases, power purchase agreements (PPAs), loans, and cash payments. We advise making a cash payment or securing a solar loan for the highest return on investment (ROI). Cash payments require a hefty sum up-front, but you’ll pay the least long-term by avoiding interest. You’ll also have full ownership of your system and can apply for solar panel incentives to reduce your total costs. Solar loans are another good option if you don’t want to make a big initial investment. You can pay for your system in installments while still enjoying energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases allow you to pay a monthly rate to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally advise against these options since you won't own your system and are disqualified from solar incentives, but they might be suitable in specific circumstances. Look for installers that offer several payment plans to find the right fit for your budget.
The table below lists the average payback periods for different capacities of solar systems in Riverside.
The IRS allows you to claim a 26% federal solar tax credit on total system costs, so long as you purchase it before 2032. Municipal authorities and utilities might also offer their own rebates, incentives, and financing programs 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 Riverside
How much money could I save by going solar in Riverside?
Is solar energy widely available in Riverside?
Will solar energy systems boost my Riverside home value?
What if I live in a dark or heavily-wooded
How can I assess my property's solar viability?
How long does it take to pay back a solar loan in Riverside?
How can I maximize my solar array's performance?
- optimize the panels' position with your solar installer
- regularly clean your solar panels
- upgrade to a more efficient inverter trim or cut down trees in the way of your panels
- use energy-efficient appliances
How many estimates should I get before making a final solar company decision?
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