The cost to install a solar PV system will vary by energy usage, geographic location, available space for the array, and installer. Pairing a solar PV array with a geothermal system offers extraordinary long-term benefits, so don't immediately write them off due to the up-front investment. Prioritizing an energy-efficient system will not only benefit you and future generations; but it will help foster sustainability for a greener, healthier environment while bringing cost savings and rewarding benefits. So, don’t hesitate to pair solar and geothermal heat pumps together.
Utilizing a geothermal heating, cooling, and hot water system can cut the energy use in a home or building by up to 70%; cuts hot water costs by 25% – 40%; and cuts heating and cooling costs 30% – 70% annually. This helps you reduce your energy usage closer to zero, especially when combined with solar.
Another way to save money? Talk to your utility provider to see if net metering is available. Net metering allows you to send excess energy produced by your solar array back to the grid, crediting your account and making your meter run backwards. If your solar array isn't producing enough electricity, you can draw the needed energy from the excess you've banked up to cover the difference.
There is a 30% federal tax credit available for residential and commercial solar PV arrays (ground and roof mounts). You are eligible for the tax credit as long as you own your solar energy system. If you don’t have enough tax liability to claim the entire credit in one year, you can “roll over” remaining credits into future years.
There are also state tax incentives, as well as credits, referred to as SRECS (Solar Renewable Energy Certificates), that allow homeowners and commercial building owners to sell certificates back to their utility based on the production of their solar array. Every 1000-kilowatt hours produced by the solar array equates to 1 SREC credit, which are then applied to the overall cost of the system.