How much will a solar installation cost?
The cost of solar varies widely based on your roof size and sun exposure. You can access a federal Investment Tax Credit that reimburses you for 30% of the total upfront cost, as a credit on your future tax bills. Your installer will provide you with a free quote specific to your home and will provide you with materials so you can access this tax subsidy. Solar panels typically pay for themselves in 8-10 years, through the savings on your electric bill. For a more detailed number, talk to your installer!
How do I pay for it?
The most common way to finance solar is through a home equity loan or a home equity line of credit, and your installer will provide at least one financing option. You are also free to secure your own financing to pay for the solar installation. In most cases, we have found that the monthly loan payment is equal to or less than the monthly savings on your PECO bill.
How long until my home is solar-powered?
Once you have signed the contract, your installer will apply for a permit from the City and permission from PECO. After receiving these permits – typically within 30-60 days – the company will install the solar array on your roof, which takes 1-3 days. A couple of weeks later, PECO will give the final go-ahead for you to flip the switch and turn on your solar array!
Is my roof a good fit for solar?
The ideal roof for a solar installation is one that is unshaded and in good condition. Your installer will do a free assessment of your site to find out whether it has enough sun exposure to be a good fit for solar. It is possible to remove panels if roof repairs are needed, but it is best to have any needed major work done before the solar is installed.
How will solar change my electric bill?
Once your solar is turned on, your electric bill will drop significantly. Your installer will provide a proposal that shows how much you can expect to save. The solar energy produced will flow into your home and any extra electricity will flow out onto the electricity grid. PECO will credit your bill for this excess production, through a process known as “net metering.” When your solar array is not producing (e.g. at night), your house will consume electricity from the grid and your bill credits will be applied toward the cost of this grid-based power.
Didn’t answer your question?
Feel free to reach out to us at the Philadelphia Energy Authority at 215-686-4483 or email@example.com with any other comments, questions, or concerns!