What are Photovoltaics?
Photovoltaic or PV systems convert sunlight directly into electricity that can serve a portion of your electrical needs. PV systems are connected to your electrical service panel and are used to supplement your existing utility service. When the PV system is generating more electricity than you use, it is as if the meter spins backwards, and you will receive a credit for the excess power from your utility. This process is known as net metering. With proper location, a PV system works anytime the sun is shining. It works best when facing south and must not be shaded by trees, nearby buildings, or other obstructions.
Why buy a PV system?
*PV systems are gentle on the environment. In contrast with electricity generated by fossil fuels, PV-generated electricity creates no noise, air or water pollution.
*Provides long term stabilization of electrical cost
*When combined with a battery backup system, a PV unit can provide you with power when utility power is out.
*Federal and NYS Tax Credits
How Much Can You Save?
It depends on:
*how much electricity you use
*the size of the PV system
*how sunny the local area is
*the orientation of the PV panels
*how much you pay your utility for electricity
How much does a PV system cost and what are the benefits?
On average a typical homeowner can expect to pay around $25,000 – $35,000 to install a solar array. After Federal and State tax incentives the homeowner’s final estimated cost would be around $14,000 – $20,000. This would produce approximately an 8 year payback.
The benefits are numerous:
1. Save Money With Solar – The price of electricity will go up. If your current electric bill is on average of $100 per month, at the end of 20 years you will have paid over $30,000 to your utility. With solar power the electricity you generate is free. So depending upon the size system you install you will significantly reduce or eliminate the amount you pay for electricity. So that $30,000 you would have paid to your utility, now stays in your pocket.
2. Earn a Great Return on your investment – Better than stocks, bonds or bank savings accounts. Average returns of 10-30%. Very safe, low risk investment. Returns = Savings. These returns are in the forms of savings, not income. Which means not taxable.
3. Federal and State tax incentives can pay up to nearly 50% of the cost of your solar installation.
4. Increase your property values – Studies suggest a 3 – 4% increase in property value.
5. Protect the environment – Solar is a great way to reduce your carbon footprint. A typical residential solar panel system will eliminate 3-4 tons of carbon emissions each year – roughly the equivalent of planting over 100 trees every year.
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