If I get solar panels, am I guaranteed to save money?

You are not guaranteed to save money unless your contract includes an explicit guarantee. The questions below will affect whether you save money. You can answer some questions yourself, while others can be answered by your installer or sales agent.

  • What per kilowatt-hour rate are you currently paying for electricity? The higher the electricity rate before you go solar, the more money you can potentially save.
  • Is your roof suitable for solar panels? The direction your roof faces and how much shade it gets will affect how much electricity roof mounted PV will generate. The roof’s condition should also be considered.
  • How much electricity will the system generate? If your system produces more electricity than you use over an annual period, you may not receive credit for all the electricity generated.
  • How much money will you receive for RECs? The Approved Vendor will be paid by a utility for your system’s RECs and may use some of that money to reduce your cost of going solar.
  • Can you use the federal Investment Tax Credit? If you buy your system, you may qualify for a substantial federal income tax credit. Consult your tax adviser.
  • How long do you expect to stay in your home or business location? If you lease or sign a PPA, you may be required to buy out the contract if you move. Read your contract to find out what happens if you move.