Does solar make sense?
Does solar make sense? If you like the idea of generating your own electricity at a reduced cost compared to utility company rates, then the answer is yes. A home solar system can pay for itself in 8 – 10 years on average. But these systems actually last for decades, solar systems are very reliable. There are other reasons why solar makes sense. It can add value to your home and insulate you against future utility rate increases.
Get the FAQ’s of going solar with Freedom Forever
Solar power incentives
At the Federal level, homeowners that buy their solar power system may be eligible for the Federal Tax Credit. To find out if you may be eligible to take advantage of any solar tax credit, you should consult with a qualified tax professional.
Home Batteries makes sense in some states
Home batteries can save homeowners enough money to be worth their cost in some states. Those states will have utility companies that charge ratepayers for electricity based on when they use electricity as well as how much power they use. That type of rate billing is called Time-of-Use (ToU) billing. You can find out what kind of rate plan you have by reading your utility bill. If it describes your rate plan with the acronym ToU, then you pay based on Time-of-Use.
For homeowners that pay ToU rates, if the peak rate is in the evening, then home batteries make sense. Home batteries can power a home during the peak rate hours. They can then be recharged during the off-peak hours that follow. The off-peak hours are in the early morning hours. Most people are asleep and the rates that utilities charge are their lowest. Homeowners that pay ToU rates can maximize their solar savings by producing power during the day. Then power their home with batteries at night.
Utility companies are trying to erode solar savings
Many utility companies are for-profit companies. Those companies fund lobbying efforts to reverse some of the savings that going solar provides. According to an article in Business Insider, the energy industry fears that competition from renewable energy could hurt utilities. That would lead to a “utility death spiral”
Thankfully, there are public interest organizations that are fighting back. At the national level, the Solar Energy Industries Association (SEIA) advocates for the rights of both home and commercial solar system owners. One of the owners of Freedom Forever, Greg Albright, is a member of the SEIA. At Freedom Forever, Greg works to ensure that we provide exceptional service to our customers in accordance with professional guidelines issued by the SEIA.
Want to go solar or add batteries? Freedom Forever can help
Freedom Forever currently serves homeowners in Arizona, California, Colorado, and Illinois. Texas is coming soon. For homeowners in those states, Freedom Forever can help you go solar, expand an existing system, and/or upgrade to battery storage.
Solar power systems installed by Freedom Forever are backed by our 25-year production guarantee. It guarantees the amount of power the system will produce for 25 years. Subject to the terms and conditions of your agreement with Freedom Forever.
Freedom Forever carries the LG Chem Cell home battery. It is covered by LG’s 10-year warranty. Batteries aren’t warrantied to last as long as solar power systems. Many companies guarantee their solar systems for 20 – 25 years. Home batteries come with a ten-year warranty because testing by the National Renewable Energy Laboratories has shown that home batteries can reliably be expected to last 10 years.
Solar makes sense now and in the future
With or without batteries, solar makes sense now and in the future. Homeowners that go solar can save money on utility bills and may add value to their homes. In some states, state-level incentives can make solar make even more sense financially. Illinois recently launched a comprehensive state program to incentivize homeowners to go solar. California recently launched it’s Self Generation Incentive Program (SGIP) that provides incentives for home batteries. If you live in a state serviced by Freedom Forever, just give us a call to discuss your options for going solar.
You should contact a qualified tax expert and consult with them. Neither Freedom Forever’s family of independent authorized dealers nor Freedom Forever itself can give you tax advice. A qualified tax professional will understand your situation and be able to give you the most relevant advice.
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