Solar Panel Credits Pennsylvania

8 of the state s energy has to come from tier 1 technologies primarily solar wind and low impact hydro along with a few less common forms of environmentally friendly energy production.

Solar panel credits pennsylvania.

One of the better financial incentives available to pennsylvania residents is the solar alternative energy credit srecs system which began with the creation of the aeps program. As of early 2016 the going rate for these credits in the state was about 15 per megawatt hour mwh of solar. The value of solar incentives in pennsylvania is even greater when taking into account the recent extension of the federal investment tax credit itc for solar. The main advantage of installing solar panels in pennsylvania is the state s net metering law which requires retail sellers of electricity to provide their solar customers with credit that is equal to the retail rate of electricity for the excess generation their systems create.

To be classified as tier 1 the electricity. A renewables portfolio standard rps requires utilities in the state to eventually source at least a certain percentage of their electricity from clean renewable sources like solar panels. According to the u s. Solar renewable energy credit srec the third major financial incentive program available in pennsylvania is the solar renewable energy credit srec scheme sometimes referred to as solar power performance payments or production incentives.

Solar renewable energy credits or srecs are another way that pennsylvania helps homeowners save on solar 2 however srecs are only available when you purchase your system and that can get complicated fast. Financial incentives energy financial incentives for pennsylvania residents. For each megawatt hour of energy you produce you earn an srec. With power prices above the national average the return on investment for an installation of solar panels in the keystone state is one of the best in the us.

The residential renewable energy tax credit as the irs calls it can be an attractive way to save on the significant cost of installing solar panels or roofing an average sized residential solar. Energy information administration the average pennsylvania family consumes more than 10 000 kilowatt hours kwh of electricity annually and spends more than 2 000 per year on energy bills. Pennsylvania s rps is split into two separate requirements. In 2018 pennsylvania has over 354 megawatts of solar power generation installed at nearly 19 000 homes farms and businesses and nearly 5 000 people employed in the solar energy field.

For residents srec payments are a solid financial incentive to go solar.