The first question that comes in mind when one has broken solar panels is whether to repair them or toss them. Unlike other electrical gadgets, solar panels have longer life expectancy and they are not techs that can just be thrown out just because they are broken. Whether you own or leasing solar panels, it is worth the time repairing them when they get damaged.
Are you considering investing in a solar installation? You are probably wondering if it is a viable investment and how long you stand to benefit from it. To put your mind at ease, studies have shown that solar panels installations can last for years- between 20-30 years or more. This does not mean that after this time your panels will stop working. What it means is that the panels will decrease their energy production and will be unable to meet the average energy needs as before.
Solar Renewable Energy Credits (SRECs) are issued to homeowners and organizations to allow them sell certificates to their utility. For every 1000 kWhs produced by a solar panel system, a SCREC is earned. These credits are considered the currency of renewable energy which can be sold and bought in an open market setting. This means that homeowners and organizations getting electricity from commercial solar power systems can track and profit from the amount of clean renewable energy. Most companies using solar systems choose to sell these credits to help offset the cost of installing and maintaining a renewable energy system.
In December 2015, the federal government extended a renewable energy tax credit that allows a taxpayer to claim a 30% credit of qualified expenditures that serves a residence unit used by the taxpayer. The ITC (Investment Tax credit) offers an income 30% credit for systems placed in service by December 31st 2019. Simply put, the federal government rewards individuals with a tax credit for investing in solar energy.