Energy conservation has never been more important for property owners. Alternative energy sources are the most readily available solution for high prices and shortages that homeowners and businesses face in the future. Maybe you’ve considered installing solar panels before but aren’t sure your property meets the requirements to generate solar power. Or, you’re concerned about the initial cost. Delaware solar panel incentives are immediate rebates and tax benefits to help property owners mitigate the cost of installing solar panels on their properties. Keep reading to learn about the financial benefits of solar energy.
Many solar panel owners produce more electricity than they can use in a month. However, that extra energy doesn’t go to waste. Instead, Delaware has a net metering policy where property owners can sell their surplus back to the electrical grid for credit on their utility bills.
One of the best benefits of this policy is that property owners can sell their solar energy surplus at a retail rate, higher than the wholesale amount charged by the coal plant. The net metering policy is an ongoing benefit for property owners in Delaware with no expiration date.
The state doesn’t currently offer any tax incentives for solar panel installation. However, there are still plenty of Delaware solar panel incentives provided by the utility companies. These rebates change frequently, so it’s worthwhile to shop around to find the electric company that provides the best rewards before installing your system.
One of the state’s best rebate programs is the Green Energy Grant, which pays back property owners $600 per kilowatt with a maximum of $5,000. For the average 6kW system, you’re looking at $3,600 back from Delmarva Power and Light. That’s substantial savings on installing a solar array that will continue to earn you money through net meter reading.
For commercial properties that require substantial systems, the Green Energy Grant is the best rebate program available.
While the DEMEC rebate program pays out more per kilowatt ($1,000), they also cap their program at $3,500. If you are only considering a minor system, at 3.5 kW or less, then the DEMEC rebate program could be your best option.
The program’s specifics vary by county, so be sure to check the details for where your property is located.
The Delaware Electric Cooperative Green Energy Program incentives include a wide range of alternative energy sources. For solar panels, the rebate is $0.50/watt for the first 5,000 kW and $0.20/watt for anything after that. For a typical 6kW system, you can get back $2,700 on the installation.
Through the Investment Tax Credit (ITC), the federal government encourages citizens in every state to rely on alternative energy sources, including solar panels. It applies to property owners who purchase their solar array outright, either in cash or with a designated solar loan.
The ITC is 26% of the total cost of the system. That figure will drop to 22% in 2022: if you’ve considered solar power for a while, now’s the time to act.
Schedule a free on-site assessment for your property to determine if it’s a candidate for a solar panel array installation. Star Eng uses the latest in solar power technology to lower customers’ monthly energy costs. We combine solar energy generation, conservation, storage, and performance monitoring to develop custom solar solutions for residential and commercial properties.
With Delaware’s solar panel incentives, it’s more affordable to make the switch to solar energy than ever.