30% Solar investment tax credit

Residents of Gilbert, AZ, are eligible for a 30% federal tax credit or investment tax credit (ITC) on solar panels paid in full. This benefit reduces your upfront investment in installation, labor, accessories, and equipment. If your annual income is not sufficient for a tax credit, you may be eligible for a direct payment against the ITC.

25% Solar energy tax credit

Over and above the 30% ITC, the residents of Arizona state are also eligible for a solar tax credit of 25% of the total system cost up to $1,000. This and the federal ITC together result in significant cost reduction.

Net billing

Net billing is like net metering, where the utility will pay you for the energy you send to the grid. However, the amount they pay is slightly less than the full price per unit. This rate is called the excess generation credit rate.

This still gives you a significant return every month as the price difference is not more than $0.03 per unit. It results in a decent return on initial investment.

Electricity bill savings

An average house in Arizona consumes about 1,030 kWh of electricity per month. This includes small houses and condos. If your house is bigger than a condo, you are likely to consume much more. An average-size solar panel in Arizona is 8.3 kW, which pays for itself within 7.3 and 8.9 years and returns a net profit of $35,212 to $43,073.

Appreciation in the cost of the property

According to research, if you purchase and do not lease the solar panels, it increases the resell value of your home by up to 3%. Solar panels are valuable assets that will result in substantial energy bill savings for the new owner.