Solar renewable energy certificates (SRECs) are a performance-based solar incentive that allow you to earn additional income from solar electricity generation. As a homeowner, you can earn one SREC for every megawatt hour (MWh), or 1,000 kilowatt hours (kWhs), of electricity your solar panel system generates.
Solar Renewable Energy Certificates
Initial cost of system: $46,669
First year federal tax credit: $12,801
Installation rebate from Next Step Living: $2000
Moderate home value adder rebate: $2000
System cost after rebates and credits: $29,868
Solar Energy Credits Income (over nine years): $20,112.85
Value of electricity produced (over nine years): $29,700
Final System Cost: -19,944.85
We spent approximately $47,000 in 2013.
Between the years 2013 through 2019, the solar array paid our electric bill each month. In 2019, we bought an electric car, and charging it raised our electric usage enough to incur small electric bills (only in the winter months).
Final Cost of Solar Array: $0 with a net profit of $20,000
There are no interest charges in this report because the project did not require a loan.
The information on this page was gathered on September 23, 2021