Save MoneyEliminate your electric bill, lock in your energy costs and add value to your home
Financial IncentivesFinancial incentives are available from the State and Federal governments to encourage investment in solar energy.
Environmental BenefitsClean and renewable electricity you are producing benefits both your household and the community
There has never been a better time to go solar. Significant financial incentives are available from the State and Federal governments to encourage investment in solar energy. Utilizing strong state rebates and the most generous Renewable Energy Investment Tax Credit in a generation, homeowners can now install solar system that pay for themselves in as few as 6 years.
Over the last 35 years, the average annual rate increase has been 6.7% (high energy users have seen substantially greater increases).
SunWave Energy partners with several financial institutions that offer financing options. Each of our customers has unique energy and financing needs, we can provide you with a variety of financing or lease options. Our Solar Design Consultant will work with you to find the financing option that best fits your needs.
Commercial solar systems are now eligible to receive a 30% Investment Tax Credit (ITC). The Economic Stabilization Act of 2008 extended the Renewable Energy ITC until 2016, and included relief from previous Alternative Minimum Tax restrictions. Residential solar systems will receive a 30% tax credit of the total cost of the system under the Federal Residential Energy credit, IRS form 5695.
Property Assessed Clean Energy or "PACE" programs, also commonly referred to as AB 811, are likely to become the nation's largest solar loan program. It was seeded with $16.5 million of stimulus funds, setting the stage for potentially hundreds of millions of dollars for small energy projects across California, including Santa Cruz, Monterey and San Benito Counties.
This new solar funding source is now available for all commercial properties. This is a zero money down method to purchase a solar system. Commercial businesses can pay for solar and other energy-efficiency improvements through an assessment on their property taxes.
In addition the business will receive the above Incentive Tax Credit (ITC) of 30% of the cost of the solar improvement, and, take in all the tax credits, depreciation, and, deductions, both Federal and State.
"This program takes away the financial barrier for companies to invest in solar and still benefit from all the incentives. Bottom line is the financial pluses make this a no brainer." - John McAlpine of SunWave Energy.
The value of a solar system is added to the appraised value of your property and does not increase your property taxes. Solar is one of the few home improvements that can be justified in terms of return on invested dollar. This tax exemption extends for the life of the solar system. This provision can be found in the California Revenue and Taxation Code, Section 73. The National Appraisal Institute notes that the value added to a home by a solar PV system is 20 times the value of the electricity costs saved in the first year. Due to the significant State rebate, the value of your solar system is often greater than the cost of purchase from day one.
California's Net Energy Metering Law allows solar PV system owners to bank excess electricity back to the utility company at retail rates, for a credit to owners' accounts. This is literally saving for a rainy day: When a solar system generates more electricity than is consumed by the home, such as a sunny afternoon, the extra electricity flows back the utility grid, and the utility company credits the system owner mostly at high peak rates. On rainy days or at night, the solar customer uses these credits to purchase electricity from the utility grid, mostly at lower off peak rates.
