Riverside is one of the best regions of southern California to go solar. Riverside Public Utilities (RPU) has high electric rates which is yet another reason to go solar. There are a host of incentives available on a local, state, and federal level that are waiting to be utilized.
Riverside’s local government website has a useful guide for local residents who are thinking about going solar. While there aren’t currently specific city or country solar installation incentives there are many others to consider.
Let’s look at the top five benefits of going solar for Riverside homeowners:
- The Federal Tax Incentive:
In 2020, Congress extended the solar Investment Tax Credit (ITC) which provides a 26% tax credit for all solar systems installed between 2020-2022. The ITC goes down to 22% for installations in 2023 and expires in 2024 unless Congress renews it.
This is a strong indication that now is the best time to go solar and maximize your savings. It is always a good idea to take advantage of all incentives that are there for the taking. Remember that the tax credit is equal to up to 26% of the total cost of your solar system. So if you purchase a $20,000 solar system you would get a tax credit of $5,200.
Keep in mind that this tax incentive is available to those who purchase a solar system with cash or get a loan. That is correct: even if you get a loan you are eligible for an excellent tax break while instantly lowering (or eliminating) your electricity bill. It’s double the amount of savings with one shrewd financial move.
- Net Metering with Riverside Public Utilities:
RPU has a positive outlook on solar installations given that they reduce environmental impacts, and provide extra energy for the grid. Residential solar homeowners must complete an Net Energy Metering (NEM) Agreement with RPU. This agreement allows you to sell any excess solar energy back to RPU at the Net Energy Compensation Rate set by them each year.
Basically, your system may generate more energy than you need. Any extra electricity is sent through your utility meter and onto the electric grid for others to use. At the end of your billing period RPU calculates whether you have a credit, or if you owe money. For more details check out the Net Metering page on the RPU website.
- Energy Efficiency Rebates:
If you are renovating your home for energy efficiency while getting a solar installation, RPU offers a host of Energy Rebates for various purchases such as electric lawn mowers, refrigerator recycling, and Energy Star rebates. The latter are ranging from $25-200 if you purchase Energy Star certified items such as dishwashers, fans, refrigerators, and more.
The purpose of all of this is to encourage consumers to purchase energy efficient household items that will reduce electricity bills while ultimately reducing pressure on the grid. Getting energy efficient products will lower your electricity consumption and indubitably decrease your need for energy.
- Electric Vehicle Solar Tax Credit:
Want to obliterate your electricity bill and your gasoline bill? Purchase an electric vehicle (EV) and save that money. There is currently a Federal Tax Credit at $7,500 per vehicle. It’s reduced as automakers sell more than 200,000 electric vehicles in the USA – so get on it while you can!
There are many manufacturers that have the full $7,500 credit available such as Audi, Chrysler, Ford, Hyundai, and Honda. All of whom are producing state-of-the-art EVs. The full list of available credits can be found here.
Plus, if you drive an eligible clean air vehicle you can get a DMV decal that gives you single-driver access to California state HOV lanes. If you’ve ever been stuck in California traffic, this almost sounds like a cheat code or a California life hack. Check out the DMV website to learn more.
You also might be able to use the California Clean Vehicle Rebate Project (CVRP): a program that promotes clean vehicle adoption – with rebates up to $4,500 for California residents. Fuel-cell vehicles can receive a $4,500 rebate and battery EVs can have a $2,000 rebate. Hybrid vehicles are eligible for $1,000, and zero-emission motorcycles can receive $750.
Keep in mind that there are additional rebates for applicants that are financially eligible: view the CVRP website for full details.
Imagine the solar trifecta: if you purchase a home battery, solar system, and an electric vehicle – you can run your entire life powered by the sunshine. It’s wonderful, fascinating, and almost futuristic. Why not take advantage of these incentives and rebates to save serious money in the long-term, as you eliminate your electric and gasoline bills for decades to come.
Let’s use a real-life example of one of our customers: Peder Norby. He is somewhat of an energy pioneer who purchased a solar system with Stellar Solar way back in 2007. Since then, he and his family have saved over $100,000. That’s because they haven’t had a single gas or electricity bill for 14 years! And they’re still saving thousands of dollars each year: which means there are countless dollars to be saved in the future as energy prices rise.
In fact, this amount will probably increase to the million dollar range over the lifespan of their solar system and electric vehicles.
But how does this work? Well, it’s the solar trifecta: Peder and his family achieved ‘Zero Net Energy’ by eliminating all his power and gas bills. They did this with a solar system, battery, and electric vehicles.
Stellar Solar customers such as Peder have decided to take control of their energy future. They no longer want to deal with yearly electricity rate hikes. They generate their solar energy and power their electric vehicles with their home batteries during off-peak hours.
This means that they only consume energy generated from their solar system and whenever they produce excess energy, they sell back that energy to the grid. They are doing a valuable service to RPU by decreasing net energy demand during peak hours.
Does the concept of achieving ‘Zero Net Energy’ sound interesting? Believe it or not, you don’t need a large amount of cash upfront to achieve this. For example, many homeowners purchase a solar system with a loan and they are still eligible for the Federal Tax Credit.
Riverside County Solar Installers
Stellar Solar has been installing solar in Riverside County for over 20 years, and we have a track record of developing world-class residential and commercial solar systems in Riverside County.
If you live in RPU territory and are thinking about purchasing a solar system, electric vehicle, or home battery – now is the time to move forward. There are a vast plethora of incentives and rebates on a state and federal level, and they won’t last forever. This is a short-term and long-term investment: save now with the incentives and save in the future on your electricity and gasoline costs.
If you’re considering an EV or solar system, remember that Stellar Solar installs both electric car chargers and solar panels. We offer a variety of choices to suit your needs including Tesla PowerWall, LG Chem, and Enphase batteries. Contact us today to get a quote on electric car chargers, solar and batteries. Now is the time to go green and take advantage of the financial savings of going solar.