Benefits of Solar Energy
Solar energy offers numerous advantages that will enhance your home for years to come.
- Reduced carbon footprint: Adopting solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Better energy independence: Solar energy can keep your home powered through blackouts and emergencies. You can use your solar energy anytime with optional battery backup.
- Lower energy bills: Sourcing some or all of your own electricity will save you money on your electric bills long-term. Plus, some states provide net metering programs that make it possible for you to sell your extra energy back to the grid, generating additional credits toward your energy bill.
What Solar Incentives Are Available to Bensalem Homeowners?
Pennsylvania's public agencies and power companies offer several solar incentives to help minimize your solar system costs. Below is a breakdown of relevant solar programs where you live.
Incentive Type: Loan Program
Website: newpa.comIncentive Amount:
Residential loans/loan guarantees: $100,000
Commercial loans/loan guarantees: $2 million
Grants: Lesser of 10% of project costs or $500,000
Incentive Type: Loan Program
Website: newpa.comIncentive Amount:
Manufacturer loans: $40,000 per job created within 3 years
Manufacturer grants: $5,000 per job created within 3 years
Loans for geothermal systems: $3 per square foot of space served up to $5 million; also limited to 50% of eligible costs for residential systems.
Loans for wind energy production projects: $5 million
Grants for wind energy production projects: $1 million
Grants for feasibility studies: 50% of cost up to $175,000
Loan guarantee grants: Up to 75% of deficient funds up to $5 million
Incentive Type: Solar Renewable Energy Credit Program
Website: pennaeps.comIncentive Amount:
Varies based on market conditions; during 2015 the market price for PA-sourced SRECs has ranged from approximately $32 - $55/MWh ($0.032 - $0.055/kWh) although individual trades have taken place at substantially lower and higher prices.
Incentive Type: Grant Program
Website: newpa.comIncentive Amount:
Vary by project, but program generally requires matching funds at least equivalent to DCED funding
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 Bensalem
The purchase price and efficacy of solar panels often hinge on the provider that mounted them. Make your choice based on the following vital factors.
Licensing and Training
The Commonwealth of Pennsylvania does not issue state-level contracting licenses, so each city or county can set its own requirements and terms. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most reputed trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Bensalem
Your solar modules' model will influence how much electricity you can generate. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels offer you a budget panel with a traditional design, but at the cost of less power generation. Thin-film panels have a low cost and are excellent for non-traditional roofs, but aren't recommended for large home installations.
You can also add electric car (EV) chargers and battery backup systems. These will increase your total installation cost, but they can increase your solar system's efficiency. Not all solar providers offer these additional features, so look for a contractor that sells them if it's crucial for you.
You can expect to pay about $17,750 on average for a five-kilowatt solar energy system in Bensalem. Check the table in this section to get an idea of how much Bensalem solar companies might quote for your specific solar system's price.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,134 |
| Solar Polycrystalline | $884 |
| Thin-Film | $517 |
| Solar Battery | $725 |
| Solar Home EV Charger | $2,721 |
Financing Solar Energy in Bensalem
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, power purchase agreements (PPAs), solar leases and cash payments. We suggest making a cash payment 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 cut 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 pay more in total due to accruing interest. Solar leases allow you to use your panels for a fixed monthly rate, while PPAs let you pay just for the energy you use, much like an electric bill. Both options disqualify you for solar incentives and do not provide you system ownership. Solar experts generally don't recommend them, but they might be suitable in some cases. Ask each installer you're considering about the financing options it offers. A salesperson can help you determine the most suitable option for your budget.
The table below lists the average payback periods for different capacities of solar systems in Bensalem.
You are eligible for a 26% federal solar tax credit for new solar power systems until the year 2032. City and state officials and utility companies might also offer discounts, rebates, and dedicated financing plans that could save you more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.5 years |
| 2 kW | 5.0 years |
| 5 kW | 12.5 years |
| 10 kW | 25.0 years |
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Frequently Asked Questions About Solar in Bensalem
How much energy and money could I save per year by switching to solar?
How popular is solar energy in Bensalem?
Will solar panels improve my Bensalem home worth?
What if I live in a rainy or dark
How can I check my site's solar potential?
What maintenance do my solar panels need, and how frequently do they need it?
What are some "red flags" to watch for as I research companies?
- High-pressure sales tactics
- Not being straightforward about cost, warranties, references and training and credentials
- Limited or no customization
- Superficial, rushed site evaluation
- More mixed or negative reviews than positive ones
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