Benefits of Solar Energy
Solar energy provides multiple benefits. Let's look at a few of them.
- Better energy independence: Photovoltaic solar panel systems with battery storage systems function through blackouts and emergencies, and you won't have to rely on the grid for your safety and well-being.
- Lowered energy bills: With solar energy systems, you produce power without paying the tacked-on costs of grid-connected power. You can eliminate your bills completely if you go off-grid. 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: Solar is a highly abundant clean energy source, meaning you can reduce or eliminate your home's dependence on fossil fuels.
What Solar Incentives Are Available to Lynnwood Homeowners?
Washington homeowners who upgrade to solar could qualify for special financing, reimbursements, rebates and tax credits. Here are just a few of the local incentive programs.
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 Lynnwood
Choosing a company is the first step toward an effective and valuable solar array. Make your choice based on the following key factors.
Licensing and Training
Solar energy installers in Washington are required to hold an electrical contractors' license from the Department of Labor and Industries. In specific situations, the department may also conduct permit inspections to test compliance and the viability and integrity of a contractor's job. Check a company's website for private accreditations from the North American Board of Certified Energy Practitioners (NABCEP), one of 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 Lynnwood
The kind of solar panels you choose determines how much electricity you can generate. Monocrystalline panels and high-quality and cost more but give you the best performance. 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.
Additional components, such as battery storage and electric vehicle (EV) chargers, will increase your overall installation costs. However, they might make your solar system more efficient and convenient to use. Not every solar provider provides these additional features, so look for a company that sells them if it's important for you.
Most Lynnwood homeowners select solar systems designed for five kilowatts (kW) of electrical capacity. These systems run about $17,950 to set up, considering both materials and labor. You can find more specific solar cost information in the table.
| Solar Panel Cost | Average Cost |
|---|---|
| Solar Monocrystalline | $1,241 |
| Solar Polycrystalline | $968 |
| Thin-Film | $566 |
| Solar Battery | $794 |
| Solar Home EV Charger | $2,978 |
Financing Solar Energy in Lynnwood
Solar companies use 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. Most solar experts recommend paying cash or using a solar loan. Cash payments require a large up-front sum, but they help you avoid paying interest, grant you system ownership, and qualify you for cost-saving solar incentives. Solar loans have the same benefits, though you'll pay more in total due to interest and fees. Much like a car or home loan, you'll pay a set monthly rate with potentially $0 down. Solar leases allow you to pay a monthly fee to rent your panels, while a power purchase agreement lets you pay a fluctuating rate based on only the energy you use. We generally advise against these options since you will not have ownership of your system and are disqualified from solar incentives, but they might be appropriate in specific circumstances. Ask each installer you're considering about the payment plans it offers. A staff member can help you determine the best option for your pocketbook.
The table below lists the average payback periods for different capacities of solar systems in Lynnwood.
A 26% federal solar tax credit applies to recently-purchased 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 Lynnwood
How much money could I save by going solar in Lynnwood?
Is solar energy common in Lynnwood?
Should I anticipate a boost in my property value after installing solar panels?
How do I care for my new solar system?
What's the average solar system size in Lynnwood?
How long does it take to pay back a solar loan in Lynnwood?
What are some "red flags" to watch for as I research companies?
- High-pressure sales tactics
- Being evasive about references, cost, credentials and training and warranties
- Limited or no customization
- Superficial, rushed site evaluation
- Limited customer feedback
How are a solar lease and PPA different?
If you choose a lease, you'll make fixed monthly payments.
With both leases and PPAs, you do not own your panels and lose eligibility for most incentives. Further, you'll have to "buy out" or transfer the contract if you sell your home during the term.
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