With a population of over 140,000, Sunnyvale is one of the largest cities in Silicon Valley. The region was first settled as an agricultural community by the Spanish in 1842, and took off during World War II when economic activity shifted to heavy industrial sectors such as ironworking for the production of naval equipment Nowadays, Sunnyvale has a thriving tech sector.
In recent years, significant efforts have been carried out to turn Sunnyvale into an energy-efficient and sustainable city:
If you live in Sunnyvale you can expect to pay PG&E over 20 cents per kilowatt-hour (kWh), which exceeds the national average price of electricity by more than 50%. In addition, PG&E power bills increased by around 5% between 2016 and 2017. As a result, solar panels systems can provide significant power bill savings for homes and businesses in Sunnyvale.
The net metering laws for solar panel systems in California are among the best in the nation. Under net metering, utility companies must give you full credit for all energy generated on-site by your solar panels. In other words, you can fully offset your electricity consumption, even if you consume energy when your solar panel system isn’t producing any energy.
Although there are no local tax credits available for solar power, residents of Sunnyvale can take advantage of the federal solar Investment Tax Credit (ITC). The ITC allows American home and business owners to claim 30% of their solar power investment as a federal tax deduction. This benefit can be claimed as soon as you file your next declaration, and it makes solar panels much more affordable. However, this benefit will only last until the end of 2019 – don’t wait too long before going solar or you may miss out!
Financing your solar panel system with a low-interest loan can be a very smart move. The 30% tax credit and the yearly energy savings are more than enough to cover loan payments, allowing you to deploy solar panels at zero upfront cost. Property Assessed Clean Energy (PACE) loans are one of the best options available, offering low interest rates and a 20-year repayment period. Whether paying for your system upfront or through a financing option, solar power is a great investment in Sunnyvale, CA.