Solar Power is Smart Money
Solar Power is Smart Money in DC
Last fact checked on November 1st, 2019 by Elena Zenke
Washington D.C. is one of the best places in the country to go solar.
SREC’s in DC are second to none and carry a current value of $400 plus dollars for every 1000 watts your solar system produces. Many row homes in DC can fit an 8.190 KW plus or minus system size depending on your roof space; this system would typically produce close to 10,000 kWh a year which equals $4,000.00 in SREC value on year one. SREC values are driven by market demands and can fluctuate or you can opt in from an aggregator like SolSystems who can guarantee a slightly lesser rate for the next 5 years; after 5 years the SREC’s pick up again at the market rate.
Now let’s factor in the ITC Federal Tax Credit which is 30% times the purchase price of your system that you get back based on your tax appetite. An example is an 8KW system costing $24,00.00 minus 30% Federal ITC is $7,200 back in taxes if you qualify. Your total cost now is $16,800 minus 1st year SREC value of $4,000 and your solar system cost is $12,800.00 after year one. Each year you stand to get back another $4,000 and that’s “wow” money! Your system could be paid off in 4 years! Not to mention you have eliminated your utility bill over 4 years because the solar system has paid itself off.
Owning a solar system in DC is a cash cow and will continue to generate revenue. Yes you read that right, it doesn’t just wipe out your utility bill, it generates income for years! Don’t let anyone else offer to buy a solar system for you because they want your SREC dollars, you need to keep this solid investment. The nation’s capital has a very healthy carve out, the renewable energy standard (RPS). DC’s RPS dictates 100% of retail energy supplied by electric suppliers must come from renewable energy by 2032, and 10% of energy supplied must come from solar by end of the year in 2040. These combined targets provide a long lasting SREC market for years to come. Time is running out to install your system by 2020 when the Federal ITC drop’s to 26%.
Circa Energy is one of the few companies still managing to complete your install by 2019.
About Circa Energy
Circa Energy is a clean power company started by solar people. With over 10 years combined experience, we’re dedicated to making clean affordable energy more accessible to everyone while providing the highest standards in the industry.
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