We get plenty of sunshine and there are scores of benefits!
Homeowners benefit because solar panels generate electricity more cheaply than it is supplied by the utilities. Home installations pay for themselves in 9-11 years â making electricity free for 20 or more additional years. (They could never pay for themselves if it werenât cheaper.) Homeowners also gain freedom from rising utility prices and gain independence and self-reliance.
Homeowners, businesses, agricultural operations, and not-for-profits receive other benefits. Currently, homeowners can receive a 26 percent Federal Tax Credit (FTC) based on the cost of the system, and with investor-owned utilities like Duke or I&M, net metering until 2032. Businesses get all of these benefits plus accelerated depreciation under a tax provision (acronym MACRs). Not-for-profit organizations qualify for everything except tax-related benefits since they donât pay taxes.