What do you get in return for the cost of solar rooftop ownership?
You invested $6,959 in a solar rooftop. What do you get in return?
$6,959 is the trustworthy ownership cost of a 8 kW rooftop solar.
($30,400 - $13,321 - $1,000 - $9,120 = $6,959
(please see my previous two posts on 8/24 & 8/31)
1-Utility bill savings: $1,441
Annual kWh generated by the system (1) =11,086
Annual savings in electrical bills at $0.13 per kWh =$1,441
2-SREC income: $859
"Electricity suppliers must purchase and retire Solar Renewable Energy Credits (SRECs) in order to meet their compliance obligations under the law": (2)
Maryland SREC prices have remained at $77.50 for each 1,000 kWh since April 2021.
This is equivalent to 11,086 kWh X $77.5/1000 (collected annually) =$859
Total Amount of annual income ($1,441 +$859) =$2,300
You will be surprised by the result of the calculations of the ROI of solar installations in the next Wednesday post.
Go to pvwatts.nrel.gov and enter location, utilities rate and 8KW installed.
Go to www.programs.desire.org - Apply filter - Select MD - go to Solar Renewable Energy Credit.