Solar panels are an integral part of Pennsylvania’s economic makeup. With over 400 solar businesses in the state and over 3,000 employees in the solar industry, clean energy not only makes the Keystone State a stronger one but helps its citizens save money. That’s why Pennsylvania wants to make it affordable to go solar and find ways for homeowners to save. Solar Energy World can help you save faster, and simpler.
Pennsylvania offers a two different programs to support the development of Pennsylvania residential solar systems.
Net metering governs how your residential solar system interacts with the grid. Net metering allows you to sell excess solar electricity back to the utility at the same price at which you would buy it. The ability to send electricity back to the grid is key, as it allows homeowners to “bank” their solar energy when production is up and use it when they need it later on.
PECO Energy offers the top quality net metering program in Pennsylvania.
Solar Renewable Energy Certificates (SRECs)
This program enables Pennsylvanians to sell the SRECs that their panels generate. As of early 2016, the going rate for these credits in PA was about $15 per megawatt hour (MWh). At this rate, a 5-kilowatt (kW) system that generates 5 MWh per year could make an extra $75 per year from selling credits in the SREC market. Utilities will purchase SRECs to meet Pennsylvania’s Renewable Portfolio Standard (RPS) goal of sourcing 18 percent of its electricity needs from renewable resources by 2020.
Federal Tax Credit
Need more incentives to go solar? How about the Federal Solar Investment Tax Credit?
The Solar Investment Tax Credit, known as the ITC, offers a percentage tax credit towards the cost of purchasing and installing your solar panel system. Currently the Federal ITC is 30%, but that is set to change in 2020.