Tax incentives and rebates

Parks residents can leverage multiple federal and state tax incentives and rebates to help them adopt solar. They can receive a 30% federal tax credit and a 25% (capped at $1000) state solar tax credit against the cost of a home solar system purchased in Arizona. Additionally, they also qualify for a 5.6% solar equipment sales tax exemption – on solar equipment purchased in the state – and a property tax exemption – on appreciated home value from residential solar installation.

Boost property value

Energy-efficient properties – with solar panel installation – boost in value by $20 for every $1 saved in energy costs. Prospective home buyers are also willing to pay 4.1% more than the market value for such energy-efficient properties.

Long-term energy savings

Residential and commercial solar panel installations have a significant long-term saving potential, and the system pays for itself over time. Here’s how much you can save by installing solar panels on your property in Parks, AZ:

1. Average monthly electricity consumption: 1,455 kW
2. Average electric rate: 15 ¢/kWh
3. Average monthly bill: $220
4. Average 25-year cost: $78,400 (not assuming the inflation and increase in electricity rate).
5. Solar system buyback period: 6.63 years
6. Average 20-year savings (accounting for solar installation costs, federal tax credit, and inflation): $35,017

Moreover, Arizona’s net billing initiative can also help Parks residents lower their utility bills in the short term by allowing them to sell the excess electricity from their home solar system to local utility companies.

Environment friendly

Going solar is one of the easiest things you can do to contribute towards environmental conservation and addressing the effects of climate change. Additionally, this decision can also help you contribute to Arizona’s net-zero emission goals.