From a purely economic standpoint, solar energy is a better-performing investment than many other investments. In Ohio, we have two incentives that make the transition to alternative energy much more palatable. In addition, solar companies add their own incentives as discounts or promotions. The combination of federal, state, and local incentives leverage your money to make returns greater than the average investment.
The 30% federal tax credit comes back dollar-for-dollar the winter or spring following installation, in the form of a tax refund.
At the state level, Ohio has a financing incentive called Ecolink loan in which the state reduces your interest rate 2 to 3%. The result is a remarkably low interest rate at which to finance not only your solar, but also any other expense, as only 50% of the loan must apply to an energy-mitigating project. In 2016, my husband and I added solar to our house and renovated our kitchen, which we financed at 1.54%.
Periodically, solar energy companies have a promotion. One company that I work with had a $650 promotion for a home expo. This included waiving site assessment fees ($150), and deducting $500 off the total system cost. The company has agreed to extend the offer past the expo, which ended January 5th. To take advantage of this promo, text your site address and email address to me at 614-383-8379.
How much money you save depends on how long you own the system. As a general rule, the return on investment is roughly 7 to 10 years. So if you own a system for 25 years, you’ve saved about 3 times as much as you spent. That’s assuming that the cost for electricity holds steady at 2019 rates. Of course we know it won’t; there is no reliable way to predict how expensive electricity will be 25 years from now. If you own solar, you won’t care.
Many people wonder if there is enough sunlight in Ohio to make solar a sensible investment. The answer is yes. One of the top 10 states leading in solar energy is actually north of Ohio: New York, which has fewer average hours of sunlight compared to Ohio.
Some people assume that they can’t afford solar. The truth is that you need only 10% of the cost of the system to go solar, OR patience to wait 3 weeks for the state to vet your ECO-Link financing application. Let me or a solar company show you how affordable it is. In fact, doing the long-term math is a very enlightening exercise that demonstrates how solar is not only affordable, but economically the right choice by far.
The sooner you own solar, the more money you save. The 30% federal tax credit expires December 31, 2019, so don’t put off your solar adventure. Call or text me at 383-8379 to begin exploring possibilities.