Benefits of Solar Energy
Solar energy offers multiple benefits. Here are some highlights.
- Reduced carbon footprint: Adopting solar is a surefire way to decrease your carbon footprint and home fossil fuel dependency.
- Lowered energy bills: You can skip the expensive cost of grid-tied power by creating 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: Photovoltaic solar panel systems with energy storage systems operate through power outages and emergencies, and you won't have to depend on your power company for your safety and well-being.
What Solar Incentives Are Available to Haverford Homeowners?
Pennsylvania 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: 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 Haverford
The cost and effectiveness of solar panels often hinge on the provider that mounted them. Here are some crucial criteria to keep in mind while searching for a solar provider.
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. Solar providers can also obtain certifications from standards organizations and trade groups. The most prestigious ones in the industry come from the North American Board of Certified Energy Practitioners. Most company websites will prominently display earned credentials, but you should also ask your estimator for more information.
Cost of Solar Panels in Haverford
The style of solar panels you purchase determines how much power you can produce. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. 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'd like to charge an electric vehicle (EV) or use your solar power in dark weather, you can pay extra for accessories. By selecting the right components, you can make your panel array more effective and convenient to use. Not all solar contractors offer these optional components, so look for a provider that installs them if it's essential for you.
Most Haverford homeowners choose solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $17,750 to set up, considering both parts and installation. You can see more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,161 |
| Solar Polycrystalline | $906 |
| Thin-Film | $530 |
| Solar Battery | $743 |
| Solar Home EV Charger | $2,787 |
Financing Solar Energy in Haverford
There are numerous ways to pay for new solar panels, and the right one will minimize your overhead. A few of the most common options include cash payments, loans, power purchase agreements (PPAs), and leases. We advise making a cash payment or using 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 have full ownership of your system and can apply for solar panel incentives to cut 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 benefiting from 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 fee to rent your panels, while a PPA lets you pay a variable rate based on only the energy you use. We generally don't recommend these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in particular circumstances. We recommend working with an installer that offers multiple financing options. Speak with each consultant about what's available, and acquire more than one estimate for the best odds of staying within your budget.
The table below lists the average payback periods for different capacities of solar systems in Haverford.
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 financing programs, rebates, and incentives that could save you more money.
| 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 Haverford
How much energy and money could I save per year by switching to solar?
How widespread is solar energy in Haverford?
Will solar panels raise my Haverford home worth?
What if I live in a dark or heavily-wooded
How can I evaluate my home's solar feasibility?
Is installing solar panels a fast job?
What are some "red flags" to watch for as I research companies?
- High-pressure sales tactics
- Being evasive about credentials and training, cost, references and warranties
- Limited or no customization
- Superficial, rushed site evaluation
- Limited customer feedback
How are traditional solar loans and PPAs different?
In contrast, solar loans can come from installer, local banks, the government and specialty lenders. You'll need to pass a credit check to qualify for most of them. While the upfront costs are larger, and you'll be responsible for taking care of the system, you'll also have full ownership rights and can apply for many more benefits.
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