Solar Power By the Numbers
Model ReModel 2022 maxes out its solar potential and saves big.
Symbi Homes has completed its solar array design for Model ReModel 2022, which is expected to offset all electricity needs. Symbi Homes is working with local provider Ipsun Solar to specify and install their 6.8 kW system.
With the passage of the Inflation Reduction Act, the federal tax deduction for solar will soon be increasing from 26% to 30%. To purchase and install panels from Ipsun Solar, Symbi's cost is $22,383. After federal and state rebates and incentives, that cost is reduced to $14,668, a savings of $7,715.
In addition, Symbi homeowners will be eligible for annual payments through the State of Maryland Solar Renewable Energy Credit (SREC) Program. Based on solar production, SRECs fluctuate with the market, but Ipsun Solar estimates a payment of $565 per year for the 6.8 kW system.
During months when the solar electricity generation exceeds demand, the excess energy will be sold to the local power company through a process called net metering. The credits will be used to offset their utility bill during months with less sun exposure. If credits remain on their account at the end of the year, the power company will issue them a cash payment for the unused portion.
Ipsun projects an annual production of 7,381 kWh, which will likely offset nearly 100% of the home's electricity needs. The system should pay for itself in less than five years. Throughout the panel's lifespan (30 years), the system will save homeowners an estimated $60,000 in utility costs.
Symbi Homes also plans to install two 10kW solar-powered backup batteries, an additional cost of about $15,000 after federal and state rebates and incentives. In the event of a power outage, these batteries will provide emergency power to essential appliances, lighting, and select HVAC mini-split units.
All costs associated with the solar package can be financed through banks specializing in low-cost green energy loans, such as the Clean Energy Credit Union. Monthly payments are often less than what the homeowner was paying for utility bills.
"In addition to the environmental benefits of renewable energy, this system offers big financial savings over the long haul, increases the value of our home, and provides peace of mind that we won't suffer from service interruptions," explains Matt Kulp, Symbi Homes co-founder and Model ReModel 2022 homeowner.