Good news for Arizona residents who are customers of Salt River Project (SRP): the Arizona utility recently relaunched its popular solar rebate program after a months-long hiatus during which an interim rebate was available.
As of May 1, SRP customers who install a residential solar photovoltaic (PV) energy system will be eligible to receive a rebate worth $1.35 per watt (solar panels are sized in watts). The rebate will be capped at 5 kilowatts (kW), which means that a homeowner who installs a system that’s 5-kilowatts or bigger in size could receive $6,750 in incentives.
Here is SRP’s explanation of how it has restructured the program:
SRP has set aside funding for a total of 4.5 megawatts (MW) of residential solar electric installations through April 30, 2012. The incentive level is offered at $1.35 per watt, up to 5 kilowatts (kW) for the first 2 MW of installations and adjusts to $1.20 per watt for another 1.5 MW of installations, ending at $1 per watt for the remaining 1 MW of installations.
In addition to solar rebates offered by SRP and other utilities, like APS and Tucson Electric Power, Arizona residents can also take advantage of a $1,000 state tax credit, as well as a 30-percent federal tax credit. Together, these various incentives help reduce solar installation costs.
Homeowners who install solar panels enjoy significantly lower electricity bills for many years after first going solar. That 5-kW solar array mentioned above, for example, could reduce monthly electricity costs by about $720 per year, according to SRP.
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