Benefits of Solar Energy
Solar energy offers several advantages that will enhance your home for years to come.
- Lowered energy bills: You can skip the expensive cost of grid-tied power by producing some electricity right where you use it.
- Better energy independence: Solar panels can keep your home running through emergencies and blackouts, giving you additional security. You can use your solar energy anytime with an optional battery storage system.
- Reduced carbon footprint: The sun is the universe's most abundant clean energy source, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Lake Oswego Homeowners?
Governments and power companies often incentivize homeowners for adopting solar. Here are some of the tax credits, rebates, or other programs you could qualify for.
Incentive Type: Rebate ProgramWebsite: portlandgeneral.com
Heat Pump Instant Discount: $200
Efficient Heat Pumps: $700
Heat Pump Controls: $250
Ductless Heat Pump: $800
Smart Thermostat: $50-$100
Heat Pump Water Heaters: $500 (special pricing available at certain retailers as well)
Incentive Type: Rebate ProgramWebsite: insider.energytrust.org
Varies based on performance above code and the particular energy efficient measures installed; can range from $600 to $4,680
Solar ready incentive: up to $200
Incentive Type: Personal Tax CreditWebsite: ecowatch.com
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 Lake Oswego
The more informed your provider search is, the better your solar panels will ultimately perform. Make your choice based on the following crucial aspects.
Licensing and Training
Solar companies in Oregon must be licensed and bonded by the Oregon Construction Contractors Board. For photovoltaic installations, each standard journeyman on the job will have at least 8,000 hours of hands-on experience and must keep up with continuing education requirements. Installers of solar thermal systems must be either a plumbing journeyman and a licensed solar heating installer. You should also visit a company's website to learn about its private accreditations. Two of the most prestigious are the Solar Heating Installer and PV Installation Professional certificates, backed 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 Lake Oswego
The style of solar panels you purchase dictates how much energy you can produce. Monocrystalline panels cost more but give you the best performance. Polycrystalline panels work with a tried-and-true mechanism and cost less, but produce less power. Thin-film panels aren't the best for large residential installations, but they are excellent accessories for non-traditional roofs.
If you want to charge an electric vehicle (EV) or use your solar power in inclement weather, you can pay extra for add-ons. By selecting the right components, you can make your panel array more efficient and convenient to use. Not all solar companies offer these add-ons, so look for a company that sells them if it's important for you.
You can expect to pay about $17,500 on average for a five-kilowatt solar energy system in Lake Oswego. Check the table in this section to get an idea of what amount Lake Oswego solar companies might quote for your specific system.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Lake Oswego
Solar providers offer multiple different financing options to increase your savings and lower your costs. Though some providers offer unique payment plans, the most common are solar loans, solar leases, cash payments and power purchase agreements (PPAs). Though it involves a large up-front payment, cash is the most cost-effective choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the next best option. As with a car or home loan, you'll pay a monthly rate towards system ownership, including interest. You can still apply for valuable solar incentives, and depending on your lender, you could put as little as $0 down. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) enables you to pay a monthly rate based only on the energy you use, similar to an electric bill. We generally don’t recommend these two choices because you won't own the system and are disqualified from using solar incentives. Ask each business you're vetting about the payment options it offers. A staff member can help you determine the best option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Lake Oswego.
The IRS allows you to claim a 26% federal tax credit on your new solar panels, so long as you purchase it before 2032. City and state governments and utilities might also offer their own rebates, financing programs, and incentives that could save you more money.
|Solar System Capacity
|Estimated Payback period
Ready to Get a Quote on Your Solar Project?
Frequently Asked Questions About Solar in Lake Oswego
How much energy and money could I save per year by switching to solar?
Is solar energy widely available in Lake Oswego?
Should I anticipate a boost in my property value after adopting solar power?
What can I do to calculate my home's solar potential?
What's the average solar system size in Lake Oswego?
What is the average payback period for Lake Oswego solar panels?
What's the difference between a PPA and a solar lease?
You don't own the panels with either option, though you can choose to opt out of the contract for a fee.
How many estimates should I get before making a final solar company decision?
To share feedback or ask a question about this article, send a note to our Reviews Team at email@example.com.