50-State Solar Project #8--State of Colorado--Grant Issued, Construction Pending
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| Greg Tally (User: (WT-shared) WineCountryInn at wts wikivoyage) |
It
costs an average
of $21,000 to purchase a solar array for a Boulder home, and for 2020
the federal
government is offering a 26% Solar Investment Tax Credit, which would
effectively discount $5,460 off the initial cost, leaving $15,540 to pay
cash
or borrow for the purchase. For lower income people one stressor is
that
if they take out a loan to pay for their solar installation, the monthly
payment on that loan is typically higher than their utility bill used to
be, so
they don't see a monthly savings on their household expenses until that
loan is
paid off, and instead they see a slight increase. For example, a
$15,540
loan at 5.8%, spread over 15 years, will incur a monthly payment of
$129. The average monthly electric bill in Boulder is $85. A $1,000
grant would pay that difference of $44 every month for the first 23
months. For this reason a micro grant would ease that transition
financially for nearly a full 2 years. Similarly the cost for a small
business of a larger solar array to power commercial use could be
defrayed by a
larger grant amount. If the client converted other appliances
from gas to electric such as water heaters and HVAC then the savings on
their
utility bill with solar would be even greater.
Micro grants may also be used for:
-replacement of gas burning cars with electric vehicles & charging stations
-enhancement of asphalt and tile roofs with carbon sequestering green roofs
-replacement of natural gas burning water heaters & HVAC systems with geo-thermal or electric/solar-electric systems
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