Are you Eligible for Chico Solar Energy Savings?
To understand if you are eligible for Chico solar energy savings should you decide to go solar, it is best to know what those savings might consist of. The following is a list of energy savings and financial benefits that can be obtained by installing a residential solar panel system in your Chico home.
Savings on energy bills – A residential solar system can significantly reduce your monthly electricity bills and the savings only increase based on past consumption. For instance, if you have a large household that typically uses a lot of electricity on average, then the savings from using your solar system will be that much bigger than a household that doesn’t consume as much.
Federal Tax Credit (Investment Tax Credit or ITC) – When you have a residential solar power system installed on your Chico property you are eligible for the non-refundable federal Investment Tax Credit that will allow you to deduct a percentage of the cost from your federal income taxes. As of 2024 the ITC is set at 30% of the total system cost1.
Self-Generation Incentive Program (SGIP) – Although the California Solar Initiative (CSI) Rebate program has now been phased out, the California Public Utilities Commission does offer residents a rebate for installing a solar battery along with the solar panels. The actual amount of the rebate is based on battery storage size and the utility company servicing the area.
Local California solar incentives – The type and variety of these incentives can differ based on variable such as location and the specific power company that is offering the program.
Net metering – Chico solar energy savings for homeowners can also include the net metering program that creates credit for any excess electricity that is generated by their system and fed back into the grid. These credits can be used to offset electricity usage during times of lower solar energy production.
Increased value of your home - According to a study led by the U.S. Department of Energy’s Lawrence Berkley Laboratory, people that are in the market for purchasing homes constantly demonstrate a willingness to spend more money on a house that has a solar energy system already installed2. Solar energy savings can definitely translate into a return on your investment by increasing the value of your home.
Solar-specific financing options – The best solar installation companies will offer a variety of financing options like solar leases, power purchase agreements (PPA’s) or solar loans in order to finance the solar installation. This could mean very low interest rates, and little to no upfront costs.
The best way to find out about all the Chico solar energy savings you could receive by going solar, is to contact the very best in California solar panel installers to book a free consultation. They will provide everything you need to know to get started in a simple and easy way, and even provide additional Chico solar energy savings by offering a 25-year production guarantee to ensure your system consistently produces as intended.
Sources
Kasch, A., Grubisic, C., (2024, Mar 13) Solar Tax Credit By State In 2024: The Ultimate Federal Solar Energy Tax Credit Guide, Forbes Home, forbes.com, https://www.forbes.com/home-improvement/solar/solar-tax-credit-by-state/
Chen, A., (2015, Jan 13) Berkeley Lab Illuminates Price Premiums for U.S. Solar Home Sales, Berkely Lab, Newscenter, ibl.gov, https://newscenter.lbl.gov/2015/01/13/berkeley-lab-illuminates-price-premiums-u-s-solar-home-sales/