With the incentives offered at the state and federal levels, investing in a home solar electric system has never been a better deal. In fact, the right financing, combined with the Neighborhood Solar Discount, can make your solar investment cash flow positive from day one – you'll pay less per month for your solar installation than you would otherwise pay to Xcel energy for the same amount of electricity.
The incentives for homeowners who purchase a solar installation include:
Utility Rebates: Xcel's Solar*Rewards and renewable energy credits programs provide a rebate of 40-50% of the total system cost, or $3.50 per installed Watt DC. Most solar installers will carry this rebate for the homeowner, so that you don't have to pay this amount out of pocket or through financing.
Federal Tax Credit: The Economic Stabilization Act of 2008 provides a tax credit equal to 30% of the system cost minus utility rebate for both residential and commercial solar installations. The tax credits are dollar-for-dollar, meaning you receive the total amount of the credit at tax time (even if you're already due to receive a refund).
Neighborhood Solar Discount: Bulk purchasing = Instant savings. When home owners collectively pool together their purchasing power, we negotiate discounts with the Denver/Boulder area's top solar installation professionals.
How much can you save with the Neighborhood Solar Discount?
Our discount model is based on a similar program offered by SolarCity, a California-based solar installer that provides bulk discounts of up to 30% for solar purchasing groups consisting of 40 or more homeowners.
While solar installation companies in Colorado have not yet grown to the size of their Californian counterparts, we're working to help installers offer a Neighborhood Solar Discount in your area. Final discount amounts will vary in accordance with factors such as:
- The number of residences who choose to participate in a given purchasing group
- The relative proximity of participating residences
- On-site factors such as roof condition, pitch, and shading