Benefits of Solar Energy
Solar energy offers multiple advantages. Here are some highlights.
- Lower energy bills: Producing some or all of your own power will save you money on your electric bills long-term.
- Reduced carbon footprint: The sun is a highly abundant clean energy source, meaning you can lower or beat your home's dependence on non-renewable sources.
- Better energy independence: Photovoltaic systems with energy storage operate through blackouts and emergencies, and you won't have to rely on the electrical grid for your safety and well-being.
What Solar Incentives Are Available to Lakewood Homeowners?
Governments and power companies often incentivize homeowners for embracing solar. Here are some of the rebates, tax credits or other programs you could qualify for.
Incentive Type: Feed-in TariffWebsite: energy.wsu.edu
FY 2021: $0.02/kWh - $0.10/kWh
Incentive Type: Sales Tax IncentiveWebsite: dor.wa.gov
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: 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 Lakewood
The more thorough your company investigation is, the better your solar panels will ultimately work. Make your choice based on the following vital factors.
Licensing and Training
Solar companies 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 viability and integrity of a contractor's job. Check for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of the solar sector's most respected trade groups. Its program includes certifications for both solar photovoltaic and water heating installers.
Cost of Solar Panels in Lakewood
Different solar panel types look and perform differently. Monocrystalline panels offer the best energy production but cost more than other options. Polycrystalline panels produce less power, but start at a more budget-friendly price point. Thin-film panels work well for small projects like RVs and sheds, but they're not ideal for larger installations due to their low performance.
If you want to charge an electric car or use your solar power in inclement weather, you can pay extra for accessories. By selecting the right components, you can make your system more productive and user-friendly. Not every solar provider provides these additional features, so look for a company that installs them if it's essential for you.
Generally speaking, it costs about $17,950 for a five-kilowatt solar array in Lakewood. This table shows more specific prices for different solar panel types and system components in your area.
|Solar Panel Cost
|Solar Home EV Charger
Financing Solar Energy in Lakewood
Choosing the best financing plan will influence your overall solar system cost and expected savings. Common payment options include loans, leases, power purchase agreements, and cash payments. We advise paying with cash or using a solar loan for the highest 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 incentives to reduce 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 enjoying energy bill savings and solar incentives. However, you’ll spend more in total due to accruing interest. Solar leases involve paying a set monthly rate to use rooftop panels. A PPA (Power Purchase Agreement) lets you pay a monthly rate based only on 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 suggest working with a company that offers multiple financing options. Ask each agent about what's available, and acquire more than one estimate for the best odds of staying within your financial plan.
The table below lists the average payback periods for different capacities of solar systems in Lakewood.
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 incentives, rebates, and financing programs 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 Lakewood
How much energy and money could I save per year by switching to solar?
Is solar energy common in Lakewood?
Will solar panels increase my Lakewood home price?
How long will a standard solar system last?
Is solar installation a fast job?
What size should my new Lakewood solar system be?
Should I get quotes from multiple Lakewood solar companies?
To share feedback or ask a question about this article, send a note to our Reviews Team at firstname.lastname@example.org.