The Best Ways to Save on Solar

When investing in solar, you might have seen how much it costs and be wondering if there’s anything you can do to save money on the cost of solar. There actually are several ways you can save your hard-earned dollars while still going solar. Keep reading to learn all the top ways to save money, get your solar, and start saving on your utility bills.

The Federal Tax Credit - get on it right now!

First announced in 2006, the solar Investment Tax Credit (ITC) is a federal policy designed to encourage the deployment of solar energy in the U.S. by offsetting the cost of commercial solar systems. The solar ITC lets organizations that invest in solar projects to get a credit against the income taxes they’d otherwise owe the federal government. It is currently at 30%, but it’s steadily decreasing each year. To get the most savings, you’ll want to install solar by December 31^st. This tax credit will be completely gone by 2022.

Give back to the grid and earn money.

Net energy metering (NEM) is a billing arrangement that allows organizations that generate their electricity to deliver unused energy back to the grid and be charged at the retail energy rate. In most instances, these credits are utilized to your monthly electric utility bill or rolled over month-to-month until they’re used up. You can even be compensated for any excess energy you produce. It can be a highly effective way to reduce the overall price of solar panels for business.

It’s necessary to know that NEM policies can vary widely depending on your utility and state. Be certain to do your homework to find out if net metering is currently an alternative in your state. You can use the Database of State Incentives for Renewables & Efficiency (DSIRE), which is supported by the U.S. Department of Energy, to discover if this will work in your area.

Solar Credits: The Currency of Renewable Energy

Considered the currency of renewable energy, Solar Renewable Energy Credits (SRECs) allows organizations to track, and potentially profit from, the volume of clean, renewable energy produced by a commercial solar system. The more electricity generated, the more SRECs created. Many organizations choose to sell these credits to help offset the cost of installing modern solar panels.

While SRECs can be traded right with the organization, most of them choose to use a third-party aggregator to sell their SRECs. As with NEM, SREC policies and markets vary by state and are available everywhere. Check DSIRE to figure out if these innovative credits are accessible to you.

Know the details of your utility bills.

Like most businesses, you probably pay two kinds of charges on your monthly utility bill: usage charges (based on real kilowatt-hours used), which can vary by time of day, and demand charges, which are estimated based on your maximum kilowatt usage in a month (typically measured in 15-minute intervals).

Knowing how your utility structures these rates, and their impact on your monthly energy prices, could save you thousands of dollars every month. Getting those details will help you decide how to manage your usage better and whether investing in solutions like industrial solar and solar battery storage may make economic sense.

Store excess energy with solar batteries.

An ever-growing number of businesses are taking a closer look at the potential of battery storage to lower their monthly power bills, especially when paired with a commercial solar system. These massive batteries can give you a highly effective way to reduce demand charges by discharging their stored energy when needed to offset spikes in demand—potentially leading to substantial savings.

How to get batteries for your solar system.

Battery storage systems can be bought outright or leased from your solar provider, which helps eliminate up-front and ongoing maintenance costs. Combined solar and battery storage systems qualify for the solar ITC, and there may also be state rebates available with the buying or lease of a storage system.

State and Local Rebates and Incentives

Promoting the growth and proliferation of clean, sustainable energy in business isn’t just a federal interest—many state and local governments offer support, rebates, and other incentives, too. And that can mean additional ways to offset the cost of installing industrial solar panels.

As previously stated, the Database of State Incentives for Renewables & Efficiency is an excellent site to find federal, state and local renewable energy initiatives, including solar, in your area.

Want to learn more about how to get the most out of solar? Check out the HahaSmart blog for daily updates!

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