ODDS & ENDS Our News Letter
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Are you interested in reducing your carbon footprint and lowering your monthly energy bills? If so, you may be interested in learning how to make your home energy independent. One of the best ways to achieve this goal is by installing solar panels on your roof in conjunction with adding battery storage insider your house. Not only can solar panels and battery storage help you generate and store your own electricity, but this combination can also potentially save you thousands of dollars in energy costs over the years. In this blog post, we will explore the steps you can take to make your home energy independent with solar panels and battery storage, and how you can start enjoying the benefits of renewable energy today.
Solar Panels + Battery Storage
Solar panels collect sunlight and turn it into electricity. As you can imagine, this process works only when the sun is shining. That’s why storing solar energy collected for later use is important. With recent improvements in batteries, the costs of storing energy is coming down.
How it Works– A solar battery storage system connects on-site solar panels to an onsite battery bank. Instead of selling the power you generate to the utility company, the energy is stored in these batteries for later use. This not only gives you increased energy independence, but it also allows you to enjoy solar energy on cloudy days, at night, and during power outages. There are several battery types used for solar storage. Below we discuss Lithium Ion Batteries.
Lithium Ion Batteries are Growing in Popularity
Lithium-Ion Battery Systems may have smaller storage capacity in comparison to other storage systems, however they are growing in popularity. This is because they can be installed nearly anywhere, have a small footprint, and are relatively inexpensive and readily available. Continued growth in the electric vehicle market should continue the downward pressure on prices. For this reason, we expect an explosion of solar + storage in the near future. Notify your accountant because Federal Tax Credits are available for both solar panels and battery storage.
What is a Federal Tax Credit?
Tax credits are much better than tax deductions. A tax credit is a dollar-for-dollar reduction in the amount of income tax you owe. For example, claiming a $2,000 Federal Tax Credit reduces your net Federal Income Taxes due by $2,000. The Federal Tax Credit is sometimes referred to as an Investment Tax Credit, or ITC.
The Federal Tax Credit for Solar + Batteries?
The Inflation Reduction Act of 2022 includes a 30% Residential Clean Energy Credit, which applies to the cost of solar equipment and labor including battery storage. This new and improved tax credit for solar batteries applies to battery projects installed in 2022 and remains at 30% through 2032.
Don’t Forget Utility and State Incentives For example, CommerceRI Renewable Energy Fund provides an Energy Storage Adder Grant that is a flat rate of $2,000.00 per project. Generous indeed.
Bottom Line When you combine generous State incentives with the 30% Federal Tax Credit, going solar with battery storage may be the smartest move you ever make. So. if you have a roof area that gets plenty of sunshine, now is the time to do your part and invest in the movement toward a more sustainable future.
Want to Learn More About Making Your Home Energy Independent with Solar Panels and Battery Storage?
If you’d like more information on how you can minimize energy consumption and maximize savings while making your home more comfortable all year round, then contact Energy Geeks. Our mission is to provide the most comprehensive and efficient solutions to reduce energy use in your home.
Call: 401-766-1540 | 508-444-9800 | Get No Cost Estimate
