In states like California, Connecticut, Massachusetts, Rhode Island, and Hawaii, with rates from 20 to 30 cents per kWh, solar has a much faster payback.įor example, in California, a 4 kWh system is expected to produce 16 to 21 kWh a day of electricity, worth about $3 a day, $90 a month, and $1,080 a year, according to Tesla's site. According to Paylesspower, that is lower than the average for any state in the country. In my situation, this cut my already low 8 cents a kWh rate to about 6 cents a kWh. They recently sent me a notice that because of the big drop in energy costs (related to the Covid-19), they would be reducing electricity rates. I live in Tampa and am a customer of Tampa Electric. For that reason, it is usually a bad financial decision to buy more solar capacity than the power you expect to use on an annual basis. The utility acts as your battery "for free." In general, if you produce more power than you use in a year, the utility will either pay you nothing for that extra energy or pay you a low wholesale rate. But while it is the law, it is great for consumers, since you don't have to get a battery to store your solar energy until you want to use it. in the day when it's sunny, but you might be away from your home working) so they when you come home from work and use electricity when the sun has set, you have credits for you to use.Īt some point in the future, net metering will probably go away, because it is a bad deal for utilities. This means that the utilities pay you full retail price for the power you put back on the grid during the times your solar produces more than you need (i.e. I encourage you to check out your state's situation by clicking here for Energysage's website and scrolling down to your state and clicking it.įlorida has net metering at this time. ![]() I live in Florida and will go over their incentives. Of course, he will need Congress to approve any change in law, but it is likely the tax credit will either stay at 26% or be increased if Biden is elected in a few months. ![]() If he is elected president, he has proposed increasing incentives to "The deployment of clean energy". Joe Biden is currently ahead in the US polls.These price reductions could more than make up for the reductions in tax credits scheduled to happen. It is hard to predict whether it will fall more or less than that in the next decade, but there are tremendous research and development in solar worldwide and I don't think we are at the bottom yet. Solar has dropped an average of 16% a year in price ( 16% a year compounded for 10 years is an 82% fall overall) for the last decade.This would be a reason to buy solar sooner rather than later if it wasn't for 2 countervailing factors. This is scheduled to go down to 22% in 2021 and to 10% for 2022 and beyond. ![]() If you don't make enough to use the tax credit yourself, you use a company that takes the tax credits and rents or leases the panels to you and passes on most of the benefit. The a US Tax Credit to middle and upper-income taxpayers is 26% in 2020. Read this article to learn about some of Tesla's recent successes in the energy market. Tesla has plans to make Tesla Energy as large as its automotive business.
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