Renewable energies are a focus of the incoming administration in Washington D.C. and businesses here in the Lowcountry are expecting an increase in business.
Solar energy has been experimented with since the 1930’s and is slowly becoming more affordable. While installing solar panels all over your home to provide energy is still expensive, smaller projects, like installing solar hot water heaters are becoming the trend. “The most popular product is the solar hot water heating system. The smallest systems provide 50% of your hot water in your home while more expensive heaters can provide 95% of your hot water,” explained Brant Patton, CEO of SolarTEK Energy.
Tax credits are available on Solar Water Systems, along with photovoltaic systems which provide energy for your home. “The State of South Carolina will give you a 25% tax credit, not a deduction but an actual credit,” explained Patton. The federal government also offers a 30% tax credit on solar products, like water heaters or panels to provide energy for your home.
Return on investments for solar hot water heaters average between 6 and 7 years. However, returns on solar panels to provide power take between 12 to 14 years due to expensive upfront costs.
“A lot of our customers are people that are facing retirement in 5, 8, 10 years or so,” says Patton. He explained that these are people who want to protect themselves against future electric bill rate increases.
Email
Facebook
Google
Twitter
Favorites
More
Advertisement