Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Lowered energy bills: Solar panels allow you to generate your own energy to power your home, reducing your periodic electricity costs. Going off-grid can eliminate your bills completely. Plus, a significant number of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
- Better energy independence: Photovoltaic solar panel systems with battery backups and storage systems function through blackouts and emergencies, and you won't have to rely on your power company for your safety and well-being.
- Reduced carbon footprint: Solar is the universe's most abundant clean energy source, meaning you can lower or beat your home's dependence on "traditional" sources.
What Solar Incentives Are Available to Norristown Homeowners?
Pennsylvania homeowners who upgrade to solar could qualify for tax credits, special financing, rebates and reimbursements. Here are just a few of the region's incentive programs.
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 Norristown
Choosing a company is the first step toward a well-oiled and cost-efficient solar energy system. Here are some essential aspects to consider while searching for a solar installer.
Licensing and Training
There are no state-level contracting licenses issued in the Commonwealth of Pennsylvania, so each city or county can set its own requirements and regulations. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar sector's most trusted trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Norristown
Your photovoltaic panels' style will influence how much power you can generate. Monocrystalline panels are among the highest quality and perform the best but cost the most. Polycrystalline panels generate less, but they're a great traditional option for low budgets. 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 battery backups and electric vehicle (EV) chargers. These will increase your total installation cost, but they can boost your solar system's performance. Not every solar provider offers these extras, so look for a company that installs them if it's essential for you.
Generally speaking, it costs about $17,750 for a five-kilowatt solar array in Norristown. This table shows more specific pricing information for different solar panel types and system components in your area.
| 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 Norristown
Solar installers offer multiple different financing options to lower your costs and increase your savings. Though some providers offer unique payment plans, the most common are power purchase agreements (PPAs), solar leases, cash payments and solar loans. We advise 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 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 use your panels for a set monthly rate, while PPAs let you pay only for the energy you use, similar to 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. We advise working with an installer that offers multiple financing options. Talk to each agent about what's available, and get more than one estimate for the best odds of staying within your spending limits.
The table below lists the average payback periods for different capacities of solar systems in Norristown.
You can claim a 26% federal solar tax credit from the IRS for new residential solar systems purchased before 2032. Additionally, utilities and local governments may have their own rebates and financing plans that could reduce your total cost even more.
| Solar System Capacity | Estimated Payback period |
|---|---|
| 1 kW | 2.5 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 Norristown
How much energy and money could I save per year by switching to solar?
How prevalent is solar energy in Norristown?
Should I expect a boost in my property value after adopting solar power?
What if I live in a rainy or dark
How many years does a common solar system last?
What size should my new Norristown solar system be?
How are a solar lease and PPA different?
You don't own the panels with either option, though you can choose to "buy out" of the contract for a fee.
What's the difference between a PPA and traditional financing?
In contrast, solar loans can come from specialty lenders, installer, the government and local banks. You'll need to pass a credit check to qualify for most of them. While the upfront costs are more expensive, and you'll be responsible for maintenance, you'll also have full ownership rights and can apply for many more incentives.
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