Solar Financial Incentives
- TAX CREDITS
The federal investment tax credit, or (ITC)
The Federal Investment Tax Credit (ITC) is one of the most significant financial incentives available for homeowners looking to install solar energy systems. Currently, the ITC offers a 30% tax credit on the total cost of solar installation, including equipment and labor. This substantial reduction in upfront costs makes solar energy more accessible and affordable, providing significant savings over the life of the system. By claiming the ITC, homeowners can effectively lower their federal income tax liability, enhancing the return on their solar investment. The ITC has been a driving force in the growth of residential solar adoption, promoting sustainable energy solutions across the country.
- SRECs
Solar renewable energy credits in Pennsylvania
Solar Renewable Energy Certificates (SRECs) offer an additional financial benefit for homeowners in Pennsylvania who install solar energy systems. SRECs are earned for every megawatt-hour (MWh) of electricity produced by your solar panels. Homeowners can sell these certificates to utility companies, which are required to meet renewable energy standards, creating a valuable income stream. The Pennsylvania Alternative Energy Portfolio Standards (AEPS) program mandates that a certain percentage of the state’s energy come from renewable sources, driving demand for SRECs. By participating in the SREC market, solar homeowners not only contribute to a greener grid but also enhance the financial viability of their solar investments.
- ENERGY SAVINGS
How net metering and energy solar savings work
Net metering is a crucial incentive that allows solar homeowners to maximize their energy savings by selling excess electricity back to the grid. When your solar panels produce more electricity than your home consumes, the surplus energy is fed into the utility grid, and you receive credits on your energy bill. These credits can offset the cost of electricity you draw from the grid when your solar system is not producing enough power, such as during nighttime or cloudy days. This system ensures that none of your solar energy goes to waste, providing continuous financial benefits and reducing your overall energy costs. Net metering policies vary by state, but they universally promote greater adoption of residential solar systems.
- OTHER INCENTIVES
Other solar incentives that might be available
In addition to the federal and state-specific incentives, there are numerous other financial benefits available to homeowners who choose to go solar. Many local governments and utility companies offer rebates, grants, and low-interest financing options to further reduce the cost of solar installations. Programs such as Property Assessed Clean Energy (PACE) financing allow homeowners to finance solar projects through property tax assessments, making the investment more manageable. Additionally, some regions provide performance-based incentives (PBIs), which pay homeowners for the actual energy their solar systems produce over time. By taking advantage of these various incentives, homeowners can significantly lower their initial investment.
- TESTIMONIALS
What our customers are saying about us.
Harm S.
“…Best part about solar: on a sunny day, see how much you’re giving back to the grid. It’s amazing. Butterfly did a great job – highly recommended.”
Frank & Lucinda F.
“…I like that Michael lives near me and wants to put solar in this township… I highly recommend Michael Kearney and Butterfly Solar.”
Heather T.
“…If you are an eastern PA resident considering solar or a new roof (and possibly solar), do yourself a favor and contact Butterfly.”
Beth
“Great experience! From quoting to installation to watching our bill drop! I know several people in our area that have used Butterfly and we are all happy!”
Anonymous
“We have been so pleased with our solar installation. Butterfly did a great job handling everything design through construction and has maintained contact…”
Chuck N.
“We’ve had the system for a year now and are really happy with it and would recommend Butterfly to anyone looking at going solar!”
Joe H.
“Every time we had questions – and one small issue the day after our installation – Michael responded immediately and helpfully, and has continued to follow up after the install with updates and to check if we have any questions.”
Anonymous
“Our installed system is producing right in line with the estimates Butterfly gave us, which gives us more than enough power for our home… Purchasing a solar system can be a complicated, confusing process, but Michael made it simple. We’re so glad we went solar; our wallet and the planet both benefit in equal measure!”
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