2x saving of your hard earn money
From day you install solar system and from solar energy production in the form of SRECs(1 SREC=1MkWH, typical home generate 10-12 SRECs). In this way, you save twice. Most solar system costs are reduced by almost 40%-50% with government incentives through ITC & Green Grant upfront, SRECs over 20 years. A average solar system saves approximately $1,500-$2,000 every year by reducing your electric bill.
Federal Tax Credit (ITC)
Federal Government offers a 26% federal income tax credit on the total amount spent installing your solar electric system, which remains in effect until the end of 2022. Thereafter the tax credit will decrease to 22% in 2023.
Please refer to http://www.irs.gov/pub/irs-pdf/f5695.pdf or contact your CPA/tax consultant for more details that may pertain to your tax situation.
State of Delaware Credit
Residential customers must be Delmarva Power customers to receive any grants through this program. Please refer to https://greengrantdelaware.com/ or contact us for more information on Delmarva customer state grants through DNREC.
Delaware Electric Cooperative customers should apply here to apply for residential programs
Delaware Electric Municipal Corporation residential customers can apply here.
Cost of going solar
| Project Cost | Federal Income Tax Credit | Solar Grant up to | Net Cost | % Saving in Grants | Yearly Bill Saving | Pay off (years) | |
| DELMARVA | $20,000 | $5,200 | $6,000 | $8,800 | 56% | $1,200 | 7.3 |
| Municipal / City | $20,000 | $5,200 | $3,500 | $11,300 | 43.5% | $1,200 | 9.4 |
Annual Saving in 1st decade
| ELECTRIC BILL SAVING | SREC CREDITS | TOTAL SAVING | SAVING IN FUTURE RATE at 3% inflection |
|---|---|---|---|
| $12,000 | $3,000 | $15,000 | $17,169 |
What is your purpose?
- Go Green – no carbon emission helps the environment day you install solar
- Investment – 2x returns, ~10% guaranteed return YoY whereae ~5% S&P returns
- Economy – Contribute in developing new kind of energy jobs for future generation
- Social status – Like to have it as add on to my home as pride
Be Smart about your money
A solar system pays for itself over time and you turn Cash Flow Positive with inflection adjusted rate of return, as you know average energy price increase YoY while your investment to support sustainable green energy is as of today’s value significantly add value on your rate of return with inflection continue to rise in future.