This case study examines using the surplus of solar incentives money to fund other home improvements such as a Main Electrical Panel Upgrade.
Conclusion: A zero cost out of pocket solar power system would provide a free electrical panel upgrade and leave the customer with cash in pocket and a positive monthly cash flow, in other words, income.
First of all, here are the up-front costs and benefits:
Down payment: $ 0.00
Next, the one-time benefits:
ITC (Federal Solar Tax Credit): $ 7,075
Maryland Solar Grant: $ 1,000
PG County Property Tax Credit: $ 5,000 (PG County has a waiting list.)
Sub-Total one-time benefits: $ 13.075
In additional, there are limited-time promotional benefits as follows, valid though the end of May*
*The system does not need to be installed by the end of May, but the process must be started.
Installer promo: $ 166 / month for 6 months = $ 1,000
Sunlight promo: $ 172 / month for 6 months = $ 1,032
No cost distribution panel upgrade approx value: $ 3.500
Sub-total of promotional benefits: $ 5,532
Total of one-time and promotional benefits: $ 18,607
Not all houses are on the Maryland PEPCO feeder line which qualifies for Washington DC level SRECs, but you can check your address on this form at the bottom of this article.
This system will generate 6.386 SRECs per year (1 SREC for every 1,000 kWh of solar energy generated).
An explanation of SRECs and current prices offered to solar system owners can be found here (remember, you are in the DC SREC market):
The figure below showing estimated SRECs uses a 5-year guaranteed price of $ 350 / SREC but as you can see by clicking the link above, you can receive more. SolSystems is a local SREC broker quoting market rates of $ 440 now but current market rates are higher.
We help setup SREC trading accounts for you and take the complication out of the process.
After that, you receive that income automatically by direct deposit 4 times a year.
Here is the monthly cash flow:
Monthly SREC Income: $ 188.93
Monthly PEPCO Savings: $ 92.60 (This is a combination of savings on your PEPCO bill and selling power back to PEPCO)
Monthly Payment on System: $ 172.02 (This can be lowered by using the Federal ITC as a paydown if you like.)
Net monthly profit on solar power system: $ 109.51
Money you pay to go solar: $ 0.00 down
One-time incentives YOU RECEIVE: $ 18,607.00
Net monthly income you receive: $ 109.51 / month
We need to get the word out about free solar in PG County but cannot during this COVID crisis.
So we pay you $ 1,000 for every residential customer referred by you who gets solar installed!
Please fill out the form below to determine if your property lies in the proper zone, and even if it doesn’t, what incentives are available to you.
After you fill it out, you will also be enrolled into our referral program.
Schedule a phone call or consultation with me online here: