California is the leading state in the national solar power and renewable energy initiative. They have favorable laws, rebates, performance payment and they set their conventional electric prices to rise higher and higher to make California going solar such a very wise economic decision.
California has very strong RPS (Renewable Portfolio Standards). These regulate utilities to increase their production on renewable energy sources, such as wind, solar, biomass, and geothermal by a certain date. Utilities must meet the standard or else they will pay higher fees. California’s RPS mandates that 50% of their energy sources must be from renewable energy sources by 2030.
California’s electric rates rank 9th out of the fifty states!
California has the most effective net metering laws. If your solar array generates more electricity, the excess power will be sold back to the grid and it will reduce the amount of energy you purchase from your electric grid. The amount will be deducted from your monthly electricity bill or will be credited for a future bill.
The state also its extensive rebate program handled through the California Solar Initiative (CSI). You will get a lump sum payment on your solar panel installation or the installer will take the amount off the final pricing. Also, don’t forget the Federal Solar Tax Credit 30%.
California offers Solar Power Performance Payments, also known as production incentives. It provides small cash payment based on numbers of a kilowatt-hour (kWh) or BTUs on your generated renewable energy system. Electricity produced is credited as Solar Renewable Energy Credits (SRECs). SRECs are a great way to help your Solar PV system pay for itself.
If you installed a solar system on your home or business, California offers property tax exemptions. It allows businesses and homeowners to exclude the amount or the value of the system on their valuation of property for taxation purposes. By installing a solar system it increases the value of your house to 20 times on annual electricity savings. This exemption is economically feasible for the taxpayers to install a solar system a residential or commercial property.
California has Solar Investment Tax Credit for Energy Storage; you can claim your solar investment tax credit for energy storage if you own the solar energy system, and the amount of tax credit received would depend on where you installed your energy storage either on a residential or commercial property.
For more information on California’s clean energy incentives and rebates visit GoSolarCalifornia
ClearWorld is diligently working with local, state, and federal government organizations to help forward initiatives that encourage renewable energy solutions for Solar LED Lighting Solutions, Smart Cities, Smart Technology and more. Learn more about ClearWorld Solar Solutions