What are the risks of going solar in Colorado
There are very few risks when going solar in Colorado. The main risk is deciding to go solar the wrong way. Is it better to buy or lease? The answer to that question depends on you. Another risk is that you could get an unexpectedly high utility bill if your solar system quits working and you don’t know about it. Thankfully, Freedom Forever can help you avoid that risk with our 25-year performance guarantee. We monitor your system for you, if it stops working, we’ll get in touch with you and get it fixed. We even offer you compensation for any lost power production from our fault while it was down.
Should you buy or lease your solar in Colorado?
Whether you should buy or lease depends on your financial situation. You will generally save more when going solar if you buy your system. That is because if you lease your system, you share some of the savings it produces over the cost of power from the utility company with the company that leased you your system.
However, leasing a solar system can still save you more money than if you did nothing at all. Leasing may be an attractive option if you don’t want to finance a system. If you lease your system, then any tax credits or other incentives go to the company you leased your system from.
You could still get a high utility bill after going solar
Some Colorado utilities bill for electricity using Time-of-Use (ToU) rates. With ToU rates, when you use electricity determines how much you pay for it. If the highest rate is in the evening, after your solar stops producing, you could still end up paying a high utility bill. Thankfully there is a solution: Home batteries.
Home batteries enable you to avoid peak ToU rates
Home batteries are used to power your home during the high peak rate hours. They are then recharged the next day by your solar system. By combining your solar system with batteries, you are powering your home with your own energy during the day and into the evening.
Another thing to remember about home solar is that your solar system does not provide power to your home in a blackout. In the event of a blackout, your solar system will isolate itself from the grid. That will also isolate it from your home. A solar system with batteries can provide power to your home during blackouts.
Home batteries are eligible for the federal tax credit for renewable energy
Even if you already collected the federal tax credit for your solar system, you may be eligible to collect it again if you add batteries to your solar system. Currently, the credit is for 26% of the installed price of your batteries. But if you want that full 26% you need to act fast. The federal tax credit for renewable energy is phasing out. If you wait until 2021, the credit will be reduced to 22%. In 2022, it will be phased out entirely.
Freedom Forever can help you avoid the risks of going solar in Colorado
If you are ready to produce your own power from the sun Freedom Forever is ready to make that dream a reality. We have both solar systems and home batteries. Best of all, your solar system is covered by our 25-year production guarantee. Home batteries are covered by their manufacturer’s warranty.