Benefits of Solar Energy
Solar energy offers several advantages that will enhance your home for years to come.
- Lower energy bills: Generating some or all of your own electricity will spend less on electricity long-term. Plus, some states provide net metering programs that enable you to sell your surplus energy back to the grid, generating additional credits toward your energy bill.
- Better energy independence: Solar energy can keep your home functioning through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with an optional battery backup system.
- Reduced carbon footprint: Using clean solar power lowers your dependence on conventional, less environmentally-friendly sources.
What Solar Incentives Are Available to Coeur d'Alene Homeowners?
Governments and power companies often incentivize homeowners for switching to solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Loan Program
Website: oemr.idaho.govIncentive Amount:
Residential: $15,000
All others: $100,000
Incentive Type: Personal Tax Deduction
Incentive Amount:
40% in the first year; 20% per year for next three years
Incentive Type: Rebate Program
Website: kec.comIncentive Amount:
Heat Pump Water Heaters: $400
Clothes Washers/Dryers: $25
Windows: $3 per sq ft
Heat Pumps: $300 - $1,400
Ductless Heat Pump: $1,500
Geothermal Heat Pumps: $800-$3,000
ENERGY Star Manufactured Homes: $1,150
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 Coeur d'Alene
The price and efficacy of solar panels often depend on the solar company that mounted them. Here are some important factors to remember while searching for a solar specialist.
Licensing and Training
Idaho's Division of Building Safety recently began issuing solar photovoltaic contracting licenses. If you're installing a solar thermal system, your installer must be a licensed plumbing contractor. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar industry's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Coeur d'Alene
Your solar panels' model will influence how much energy you can produce. Monocrystalline panels are among the highest quality and cost the most but perform the best. Polycrystalline panels generate less, but they're a great traditional option for low budgets. Thin-film panels are excellent for non-traditional roof shapes and cost the least, but don't work well for large residential installations.
You can also add electric vehicle (EV) chargers and battery backup systems. These will increase your total installation cost, but they can maximize your solar system's efficiency. Not all solar providers provide these optional components, so look for a provider that sells them if it's important for you.
If you're a resident of Coeur d'Alene and are looking into a five-kilowatt solar energy system, you could plan to spend about $17,300 for materials and labor. Find more information on specific component and solar panel costs in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,095 |
| Solar Polycrystalline | $854 |
| Thin-Film | $499 |
| Solar Battery | $701 |
| Solar Home EV Charger | $2,629 |
Financing Solar Energy in Coeur d'Alene
Choosing the correct financing option will affect your overall solar system cost and expected savings. Common payment options include cash payments, power purchase agreements, loans, and leases. We advise paying with cash or securing a solar loan for the best 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 own your system and can apply for solar panel incentives to reduce your total costs. Solar loans are another solid 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 pay more in total due to accruing interest. Solar leases allow you to pay a monthly fee 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 appropriate in specific circumstances. Look for installers that offer several payment plans to find the right fit for your pocket.
The table below lists the average payback periods for different capacities of solar systems in Coeur d'Alene.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, local governments and utilities may have their own rebates and financing plans that could reduce your total cost even more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.4 years |
| 2 kW | 4.9 years |
| 5 kW | 12.1 years |
| 10 kW | 24.3 years |
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Frequently Asked Questions About Solar in Coeur d'Alene
How much money could I save by going solar in Coeur d'Alene?
How widespread is solar energy in Coeur d'Alene?
Should I anticipate a boost in my property value after switching to solar energy?
What can I do to predict my home's solar viability?
How do I care for my new solar system?
How long does it take to pay back a solar loan in Coeur d'Alene?
How are a solar lease and PPA different?
If you choose a lease, you'll make set payments each month.
With both leases and PPAs, you do not own your panels and lose eligibility for some incentives. Further, you'll have to "buy out" or transfer the contract if you sell your home during the term.
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