By Theresa Ficazzola
October is that spooky time of the year to get frightened by your friendly neighborhood trick or treaters, but there’s no reason to get spooked by your electric bill, especially this year.
If you’re dreading the cold weather and the high cost of heating your home, consider a combination of solar panels and a new heat pump. You could save thousands of dollars off your electric bill, and it’s so easy to do.
Solar Cost Savings
Let’s start with the cost savings for solar.
President Biden’s Inflation Reduction Act makes going solar even more affordable for homeowners because the solar Federal Tax Credit was increased to 30% regardless of which state you live in. Just complete Form 5695, which is used to calculate your residential energy credit, when you do your taxes. It should be submitted with Form 1040 with your federal income tax return. Other incentives are based upon your location.
In addition to the Federal Tax Credit, New York State residents also receive a one-time tax credit of up to $5,000 the year their rooftop solar panels are installed. Just complete Form IT-255 when filing your New York State income tax return. As a NYC resident, you are also entitled to an additional 4-year property tax abatement of 20% of the cost of your solar power system up to $62,500.
In addition to the Federal Tax Credit, New Jersey State residents can receive SRECs, which are earned until you sell them, and are good for 15 years. As you generate electricity with your very own custom-built solar panel system, you earn SRECs, which can be sold back to your utility company for cash. For every 1,000 kwh of energy that you produce through your solar system, you earn 1 SREC worth $90.
Solar is Easy to Do
Solar may sound complicated, but it’s really easy to do.
With a professional solar company, like SI Solar, your involvement is limited, so you have no excuse. Just supply us with your electric bill and address, so we can check your roof on Google Earth, and get pre-qualified for financing. After that, we take care of the rest. Simple, right?
Heat Pumps Are Now Covered by the Inflation Reduction Act
And let’s not forget about the cost savings and benefits of electric heat pumps.
Heat pumps use five times less energy than an air conditioner and can be used to both cool and heat your home. Through the Inflation Reduction Act, you can receive a tax credit of up to $2,000 for the purchase of an electric heat pump. And for those with low incomes, you could receive a rebate of up to $8,000 upon installation of the pump.
Aside from the lower utility bills and cost savings that heat pumps provide, they are also an excellent source of good air quality, they save space because 1 heat pump replaces 2 existing systems (your
heating and air conditioning systems), and a heat pump generally runs more quietly than an older system.
And since heat pumps run on electricity, you could benefit even more from solar panels, which provide you with “free” energy to power your house, including the pump. And don’t forget about that 30% Federal Tax Credit for a completed solar installation.
Call SI Solar This Halloween
Don’t get scared off by high energy prices anymore. Pick up the phone this Halloween and call SI Solar (844-747-6527) to find out how you can benefit from these generous government incentives with a low cost solar power system and/or a heat pump for your home.
You could also CLICK HERE to request a FREE Quote today!
