Benefits of Solar Energy
Solar energy has multiple advantages that will enhance your home for years to come.
- Better energy independence: Solar energy can keep your home running through blackouts and emergencies, giving you additional security. You can use your solar energy anytime with an optional battery backup system.
- Lowered energy bills: Solar panels let you generate your own energy to power your home, lowering your monthly electricity costs. Going off-grid can eliminate your bills completely. Plus, a significant amount of states offer net metering, which permit you to earn money by selling your unused energy back to the grid.
- Reduced carbon footprint: Adopting solar is a surefire way to minimize your carbon footprint and home fossil fuel dependency.
What Solar Incentives Are Available to Federal Way Homeowners?
Washington agencies and electric companies offer numerous solar incentives to help reduce your solar system costs. Here's a breakdown of eligible solar programs where you live.
Incentive Type: Feed-in Tariff
Website: energy.wsu.eduIncentive Amount:
FY 2021: $0.02/kWh - $0.10/kWh
Incentive Type: Sales Tax Incentive
Website: dor.wa.govIncentive Amount:
100% exemption for sales of forest derived biomass used as fuel;
100% exemption for solar photovoltaic systems 10 kilowatts or less, and solar thermal systems;
75% exemption for other qualified systems
Incentive Type: Green Building Incentive
Website: commerce.wa.govIncentive 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 Federal Way
The purchase price and effectiveness of solar panels often depend on the solar company that installed them. Make your choice based on the following key factors.
Licensing and Training
Solar contractors in Washington are required to hold an electrical contractors' license from the Department of Labor and Industries. In some situations, the department may also conduct permit inspections to confirm compliance and the integrity and viability of a contractor's job. Look for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), among the solar industry's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Federal Way
The style of solar panels you purchase decides how much energy you can produce. Monocrystalline panels and high-quality and give you the best performance but cost more upfront. Polycrystalline panels produce less power, but they're worth it if you want a traditional panel style without the high cost. Thin-film panels aren't meant for large home installations, but they're excellent for small projects like sheds and RVs.
If you need to charge an electric car or use your solar power in inclement weather, you can pay extra for add-ons. By selecting the right components, you can make your system more efficient and convenient to use. Not every solar company includes these additional features, so look for a company that sells them if it's essential for you.
A majority of Federal Way homeowners opt for solar systems rated for five kilowatts (kW) of electrical capacity. These systems run about $17,950 to set up, considering both parts and installation. You can find more specific solar cost information in the table.
Solar Panel Cost | Average Cost |
---|---|
Solar Monocrystalline | $1,255 |
Solar Polycrystalline | $979 |
Thin-Film | $572 |
Solar Battery | $803 |
Solar Home EV Charger | $3,012 |
Financing Solar Energy in Federal Way
Choosing the ideal financing plan will influence your overall solar system cost and potential savings. Common payment options include power purchase agreements, leases, cash payments, and loans. Though it involves a large up-front payment, cash is the most affordable choice because it qualifies you for solar incentives and doesn't accrue interest. Solar loans are the second most effective option. As with a home or auto 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 determined by the energy you use, akin to an electric bill. We generally don’t recommend these two options because you won't own the system and are disqualified from using solar incentives. We advise working with a provider that offers multiple financing options. Speak with each consultant about what's available, and get more than one estimate for the best odds of keeping within your financial plan.
The table below lists the average payback periods for different capacities of solar systems in Federal Way.
A 26% federal solar tax credit applies to new residential solar equipment purchased through 2032. Extra incentives may be available through city and state governments, usually in the form of rebates and special financing programs.
Solar System Capacity | Estimated Payback period |
---|---|
1 kW | 2.5 years |
2 kW | 5.0 years |
5 kW | 12.4 years |
10 kW | 24.9 years |
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Frequently Asked Questions About Solar in Federal Way
How much money could I save by going solar in Federal Way?
How widespread is solar energy in Federal Way?
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?
What's the average solar system size in Federal Way?
How long does it take to pay back a solar loan in Federal Way?
What is "net metering," and how does it work?
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