Breakdown of Solar Energy in Texas Part II

This article is a continuation from the article, Breakdown of Solar Energy in Texas Part I.

Part II: Value of Solar Tariff

The Value of Solar Tariff or VOST program is open to those who own or lease their solar system. VOST pays you for every kilowatt-hour (kWh) of electricity your solar energy system produces at a rate of 10.6 cents per kWh. You still pay your utility for the electricity you consume at standard residential rates, but you also get a credit on your bill for the amount you produce each month. If your production makes more money than your consumption for the month your extra credits roll over. At the end of the year, your unused credits roll over to the next year. This represents one of the best net-metering programs in the country. 
 

This incredible rebate is only eligible to those who own their solar power system and use an Austin Energy approved installer to go solar. The Austin Energy Rebate pays you $0.50 for every watt in the size of your system, up to 50 percent of the total cost of installing your solar system. If you install a 6 kW system you would receive a rebate of $3,000. For the 10.7 kW system, you would receive almost double that.

This is why it is always important to check out every rebate, or program available for people who want to install residential solar. In Austin, the initial cost of the system minus the Austin energy rebate equals the final cost of your system. Then when you add the 30 percent federal tax credit, you win again. Then finally after everything is installed and running, you get to enjoy one amazing net-metering program.
 

If you take into account in the old monthly bill average of $200, and at least a 20 year lifespan on those solar panels and the cost of the whole system, it is estimated that the homeowner would be able to pay off those solar panels in approximately 6.1 years, with a payback rate of about 14.9 percent each year. After that, you are saving money every month. Some companies that don’t use HahaSmart tell customers that their payback period is much longer, so be sure to find out if you are using a HahaSmart Verified Installer. 
 

The Savings

After 20 years, a homeowner who installed solar panels on their home could save approximately $57,226 in electricity costs. After you factor in the tax credits, that payback is almost four times what the panels originally cost.

Of course, all these prices and savings amounts can change slightly when different brands of solar panels and inverters are used, but the general point is that installing solar panels on a home in Austin TX still is less expensive than most new cars. They also increase the value of the home, they pay for themselves in less than five years, the whole solar panel system can save a homeowner almost $60,000 in power costs, and you can run the air conditioning endlessly and use the pool at your will. Why wouldn’t someone want to go solar if they had the chance? For more information, check this out.

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