What are the incentives for solar electricity in Washington?
What are the incentives for solar electricity in Washington? Photovoltaic PV financial incentives
The state of Washington currently has a production based incentive program for solar electricity. This means that grid tied Washington residents with solar electric earn a certain price per kilowatt-hour (kWh) of production starting at a base rate of $0.15 per kWh.
This base amount is then subjected to a multiplier depending on if the system is installed with an inverter and/or panels manufactured within the state of Washington.
2.4 - for panel modules
1.2 - for inverter
These multipliers can raise the price up to $0.54 per kWh up to $5000 max per year.
Washington residents can also take advantage of the Federal Tax Credit. This tax credit is 30% of the total cost of the system to the consumer. For more information on the Federal Tax Credit for PV >>click here
Here are some incentive examples courtesy of Chance Currington and Sunlight Solar :
|
System Size |
||||
| Number of Panels |
10
|
14 |
||
| Watts per Panel |
200 |
200 |
||
| Wattage of Array |
2000 |
2,800 |
||
| kW Rating |
2.0 |
2.8 |
||
|
Installed Amount |
||||
| Average Cost ($/watt) |
$6.75 |
$6.75 |
||
| Installed Project Amount |
$13,500 |
$18,900 |
||
| Estimated Annual Power Production (kWh) |
2,160 |
3,024 |
||
|
Federal Tax Credit |
||||
| 30% of total system cost |
($4,050) |
($5,670) |
||
| System Cost after Federal Tax Credit |
$9,450 |
$13,230 |
||
| WASHINGTON PRODUCTION INCENTIVE | ||||
|
Paid annually at $.54 per kWh |
$1,166.40 |
$1,632.96 |
||
| Total Payment over 10 years ($5000 max annually) |
$11,664 |
$16,330 |
||
| ENERGY SAVINGS | ||||
|
Annual Electricity Prod. (kWh) |
2,160 |
3,024 |
||
| Assumed Electricity Cost ($/kWh) |
$0.07 |
$0.07 |
||
| Estimated Annual Energy Savings |
$151 |
$218 |
||
| Total Savings over 10 years of electricity production |
$1,512 |
$2,177 |
||
| SYSTEM BREAK-EVEN POINT IN YEARS |
7.17 |
7.15 |
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