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Can You Really Get Something For Nothing?

Who wouldn’t like to get something they really like or could use for nothing? It sure does not seem to happen very often and when you do find or receive something for nothing there are usually some strings attached. Darn!


How would you like to not have a power bill? You truly can get power for free when you harness the power and energy of the sun through solar panels. So, you can get something for nothing? Okay, you got me…you do have to pay for the solar panels, inverter and technology, but I am here to remind you there are some great incentives and financing to help you achieve your goal of free power and help the environment at the same time. When you utilize solar you cut down on the Co2 emissions and that helps us all breathe a little easier. For example, since we fired up our solar at home in February, we have saved 9,769 lbs. of Co2 emissions which is the equivalent of planting over 245 trees! Trees, I love trees and they take such good care of us!


Also, buying the solar panel part still has some very attractive components to it. Currently there is a 30% Federal Tax Credit (https://news.energysage.com/congress-extends-the-solar-tax-credit/ toward the cost of your solar install. You need to act quickly as the program is poised to reduce the percentage in the next couple of years.


Currently Idaho has a 7.4% tax credit with a cap of $1,480 which can be used in conjunction with the Federal Tax Credit. It is my understanding that the state tax credit is over 3-4 years whereas the Federal can be used in a lump sum providing you have that tax liability to offset. Of course, check with your accountant to see if the tax credits are feasible for you.


Additionally, there are some awesome financing options out there as well with many of them for no money out of your pocket. Personally, we are using Mosaic and our monthly payment for the solar system is roughly what my level electric payment was.

(https://www.joinmosaic.com/homeowners/). If you take advantage of the 30% Federal Tax Credit, they ask that within 18 months you payback at least the value of the tax credit to keep your monthly payment the same. If you don’t get that amount paid back your payment will increase slightly. Currently my monthly power bill is $5.27 which is more administrative than anything.


With our solar production and the “net meter” metering through Idaho Power we will bank enough power to still not have a power bill thru the winter months. Our next investment will be some solar battery storage which will allow us uninterrupted power options even should the power go out. If the power does go out, you are welcome to come hang at our house!


So, you see you truly can get something for nothing and you can help the environment at the same time! Yay…. win-win. Who’s with me? Have questions? Call, text, or email me anytime.

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Ed Elam Real Estate | Keller Williams Realty Boise | info@edelam.com | 208.861.8062