Unlocking Savings: How to Maximize Rebates with Solar Battery Storage Systems
Switching to cleaner energy sources is not only a move towards sustainability, but also one that is likely to save you money. At the heart of this trend are solar battery storage systems that allow both homeowners and businesses to capture and retain solar energy for use when it is most needed. One of the strongest reasons for transitioning to these systems is the opportunity to find considerable rebates savings. In this article, we dig into these financial benefits, and how you can leverage them whilst helping the planet.
What Are Solar Battery Storage Systems?
How Do Solar Battery Storage Systems Work Solar battery storage systems use excess solar energy produced in the day when solar panels are generating power. While this excess energy is generally fed back into the grid (but usually at a price lower than the cost of electricity consumed/a cheap price multiplier), instead it is kept in batteries for later use. Then, that stored energy can be consumed at peak hours or at night, decreasing grid dependency and electricity expenses.
Recent years have seen a massive improvement in the efficiency and effectiveness of these systems. The price of battery storage has fallen approximately 80% since about 20101 while the costs of wind and solar systems have also declined significantly. Combined with rebates on offer, solar battery storage systems are becoming a lot more affordable.
Rebate & Incentive Types
However, the types of rebates and incentives available for solar battery storage systems will vary based on state and provider. Below are some of the most frequently used ones:
1) Federal Tax Credit: In the US, the federal Investment Tax Credit (ITC) lets homeowners take a percentage off the costs of installing a solar energy system from their federal taxes. This credit now sits at 30%, set to remain so through 20231.
State and Local Rebates: In addition to federal tax credits, many states provide incentives of their own. There are incentive programs like California for example-Self Generation Incentive Program(SGIP)- offers rebates for energy storage systems3.
Rebates and Incentives from Utility Companies: Some utility companies offer rebates or incentives for customers to install solar battery storage systems as part of their energy efficiency programs.
Maximizing Your Savings
Beef it up: Here are a few ways to get the most out of solar battery storage systems:
Look Into Willingness IncentivesResearch all of the willingness incentives that are available in your region. A resource like the Database of State Incentives for Renewables & Efficiency (DSIRE)4 can provide information on federal, state, and local incentives.
Right-Sizing the System: Solar battery storage system should be right-sized according to your energy needs. Too big = wasted money; too small = no money saved.
Energy Tracking: Keep tabs on how much energy you consume with smart monitoring systems, so that you can change your daily patterns to consume as much power as possible from your battery.
Get Qualified Installers: Hire experienced and certified installers who are well aware of the process of rebate application and can assist you in navigating tricky paperwork seamlessly.
Real-World Examples
As an example, if a home in California purchases a solar battery storage solution for $10,000 That will allow them to subtract $3,000 from their federal taxes, courtesy of the federal tax credit. Moreover, if they are eligible for California's SGIP, they could earn a rebate of as much as $1,000 depending on the system size and where they live in California. These incentives drastically lower the upfront cost, making the system more affordable and the amount of time it takes to pay off the shorter.
Final Thoughts
Solar battery storage systems are a great investment for your property and your pocket. You can save a heap on both installation and operation just by utilizing rebates and incentives. With the continual advancement of technology, and the decreasing costs of storage systems, the financial returns offered by solar battery storage will only become more attractive. Start looking today and discover some savings that are available to you!