Antioch is one of the oldest towns in California, dating back to 1848. The town experienced significant growth with the discovery of coal and copper mines during the second half of the 19th century. In fact, Antioch is still rich in 19th century architecture, thanks to its early growth driven by the mining industry. Present-day Antioch is a suburb of Oakland and San Francisco and has a population of around 110,000. Given that the city is mostly residential, its economy focuses on healthcare, education, and retail.
While coal mining helped Antioch grow in its early days, the city has recently focused its attention on minimizing its environmental footprint:
A part of the San Francisco Bay area, Antioch is subject to the high electricity rates of Pacific Gas & Electric (PG&E). Their rates exceed 20 cents per kilowatt-hour (kWh) in the residential sector, which is around 50% higher than the national average. PG&E also tends to increase its rates on a yearly basis – residents of the bay area saw their power bills rise by around 5% between 2016 and 2017. However, this represents an excellent opportunity to reduce your power bills with a solar panel system, resulting in savings that increase year after year as utility energy prices continue to rise.
Property Assessed Clean Energy (PACE) financing is available to both home and business owners in Antioch. PACE loans typically offer low interest rates and payment terms of up to 20 years. There are five partners managing the program in the city:
Another financing option you can consider is a home-equity line of credit (HELOC). These are low-interest rate, long-term loans that can cover the full cost of your solar panel system if you own enough equity in your residential property. This allows you to go solar with little or no money down.
All solar panel systems commissioned before the end of 2019 are eligible for the Renewable Energy Investment Tax Credit, which allows 30% of the system cost to be deducted from federal taxes. The benefit is available for both residential and commercial buildings. The tax credit will be reduced to 26% in 2020 and 22% in 2021, before expiring in 2022. If you are considering solar panels for your home in Antioch, it is strongly recommended that you contact a solar provider today to get your project installed before the federal tax credit ends!