Homeowners in San Marcos, Texas, have experienced the scorching heat wave in summers and the frigid cold storms in the winters. The failure of the traditional grids has put into perspective the need for renewable energy alternatives like solar power. More and more homeowners are seriously considering switching to solar power. If you are a San Marcos homeowner looking to understand how much you can expect to invest in residential solar power installation, here is what you need to know.
How Much Does Installing a Solar Power System Cost in Texas?
The average cost of solar panel installation in Texas ranges between $3.00 and $3.35 per watt. So, a typical 5kWsolar power system would cost around $15,000 to $16,7500. For this initial investment, homeowners can expect a solar payback period of about 10 years.
Homeowners do not have to shell out the exact cost of the solar power system. They can reduce costs by about 30%-40% by claiming multiple federal and local benefits. Then, they also have the option to apply for solar loans, solar leases, and purchase power agreements. These alternative financing options drive their upfront costs to zero, with more affordable monthly payments.
Incentives Available to Homeowners in San Marcos, Texas
Federal Investment Tax Credit (ITC)
The (ITC) is the biggest federal incentive that makes solar power more affordable for homeowners in San Marcos, Texas. This high-impact tax incentive offers homeowners a flat 30% tax incentive. If you paid $20,000 to install a solar system, you can claim $6,000 as your ITC for the current financial year. If your tax liability is smaller than the tax incentive, you can roll over the incentive to the subsequent years. You can use this incentive to recoup the cost of installing a solar power system, a solar plus battery storage system, or even a standalone battery storage system.
Local Incentives
In the San Marcos, Texas area, solar incentives are determined by the local utility provider more often than the municipality. For example, for SMTXU customers a rebate may be available for qualifying systems. Ask your solar provider if you may qualify or if there is capacity available. The rebate can provide a $1.00/watt rebate of up to $2,500 for residential customers.
Extract the Best Value
Green Power Energy has been operating, for years and understands the needs of the residents. GPE has assisted thousands of customers to get the best price for their solar power installation and enjoy the returns for decades.