MOMENTUM POWERS THE STATE OF CALIFORNIA

Like many Californians, your decision to go solar is likely motivated by the long-term cost savings associated with a residential solar system. Since panel systems in The Golden State have an abundance of sunlight to convert, you can expect to see your system pay for itself quickly. Below are the average costs and savings that California residents can expect:

• Many homeowners will see a huge offset in their energy bill once they install their solar panel system.
• The average monthly electricity bill in California is $150.
• For an average home, the cost to install solar (5 kWh system) is $20,000.
• The average payback period is 6 years. Our panels have a 25-year warranty!

You’ve probably seen a few solar panels installed on rooftops in your neighborhood. Perhaps you’re wondering how these panels convert the sun’s rays to clean, renewable solar energy. The process behind solar energy generation is remarkably simple.

When sunlight hits the photovoltaic (PV) panels, electrons become excited, creating a direct current (DC) of electricity. This current is fed into an inverter, which converts DC electricity into alternating current (AC) electricity so it can be used by appliances in your home.

A meter installed on the system keeps track of the amount of energy generated and consumed by your home. California has a great net energy metering program (NEM). This incentive gives owners credit for excess solar energy produced by their panels that is then sent into their neighborhood’s grid.

Tax credits are a great way for residents who own their solar panel systems to earn money back. The Federal Tax Credit allows solar energy owners to deduct 30% of the cost of installing the solar system from their federal taxes.

The Federal Tax Credit applies to both residential and commercial systems. This credit can be applied to personal income taxes that would otherwise be payed to the federal government.

You qualify for these credits if you own your panels opposed to renting, installed in 2020 and actively generate electricity. When you’re ready to claim your credit, you are going to need to file IRS Form 5695 when doing your tax returns. You will be instructed to calculate your credit on the form.

This deal will not last forever. Residential and commercial solar energy system owners can deduct 30% of the cost of installation for systems that have begun construction through 2020. The tax credit then decreases in slow increments annually until 2021, where it is projected to stay at 10%. You’ll get the best deal if you switch to solar energy today!

Momentum Solar is known for its’ “no-strings-attached” offering — homeowners can go solar for little-to-no money out of pocket and, oftentimes, have the benefit of a lower electric bill. Affordable roof repairs or replacements are offered for homes that are being prepped for installation.

Momentum Solar is committed to helping Californians convert to clean, solar energy. We provide guidance at every step in the process, which includes helping you determine the best way to finance your system. In California, three options are available to you:

• Pay upfront for your system: If you are able to, paying for your system outright offers substantial savings over time.
• Take out a loan: Many homeowners don’t have enough money to pay for their system outright, but taking out a loan allows them go solar sooner. There are several types of loans available and we can help you find the best one for your financial situation. With a loan, you’ll be able to get a solar system installed on your property for $0 down so you can start experiencing cost savings sooner. Once the loan is paid off, you’ll own your system.
• Lease your solar panel system: Leasing or a solar power purchase agreement (PPA) are attractive options for California residents who want to enjoy the savings associated with solar without owning the system. With a lease or PPA, you’ll pay a fixed amount for each kWh of electricity generated by your system, which will be substantially lower than paying for electricity from the grid. With no upfront investment and savings guaranteed during the entirety of your leasing agreement, this is an excellent way to go solar for little money down.