Solar installation is still worth it in the District of Columbia!
- Even without federal tax credits, the average payback period for a residential solar installation in Washington, DC, is approximately 5.6 years.
- Solar panels usually last 25 years or more, so your solar installation will provide long-term financial benefits beyond this break-even point.
- Choose your own solar adventure and learn more about the resources available at SunDayInDC.org/Resources!
Why?
1. Savings
By generating your electricity, you decrease the amount of energy you have to buy from the grid. Homeowners with solar installations can save anywhere from $10,000 to $30,000 over the life of their systems, depending on their energy consumption and local rates.
2. Price Locking
Installing solar allows you to lock in the cost of the electricity produced by your panels for years to come. This allows you to shield yourself from the unpredictability and steady rise of utility rates over time.
- Beyond the direct financial benefits, investing in clean, renewable energy increases your energy independence.
3. Revenue
If you own your panels and the power produced by them, you can earn a Solar Renewable Energy Certificate (SREC) for every megawatt-hour of energy produced. These certificates can be sold to utilities that must meet renewable energy standards, like Pepco. The current value of each certificate is around $400 (the highest in the country!). The additional income can significantly enhance the financial return on your solar investment.
4. Resale Value
A premium in DC, homes equipped with solar systems frequently sell for more than homes without solar.
- Research indicates that homes with solar panels can command a premium of up to 4% more on the market, significantly offsetting your initial investment in solar and providing a strong financial return if you ever decide to sell.
5. Tax Exemption
In DC, homeowners can benefit from a property tax exemption for the added value of their solar systems. This exemption allows homeowners to avoid additional property tax costs related to the installation of solar panels, further enhancing the financial advantages of going solar.
6. Make Your Community Healthier and More Resilient
With flexible, accessible options such as solar loans, power purchase agreements (PPAs), and leasing generally available through the installer, the upfront cost barrier can be minimized, allowing homeowners to pay little to no money upfront while still reaping the benefits of solar energy and often realizing immediate savings on their energy bills.
Discover more resources to help install solar in the DC residential area at SunDayInDC.org/Resources.