Renewable Energy Options Louisville in 2023
February 17, 2023
The solar sector in the US is experiencing rapid growth, and Louisville is no exception. The energy obtained by fossil fuels and other means is very costly and harmful to the environment. According to LouisvilleKy. Gov, residential buildings account for 27.4% of Louisville’s Greenhouse gas emissions. Looking at this, the government is encouraging people to go solar, which is affordable, renewable, and environment-friendly. For this purpose, the state of Kentucky has introduced many laws and incentives that benet people having solar panels. To know more about solar or renewable energy options Louisville, let’s get into the details!
Overview of two different type of solar fields that are in a farm setting.
Increased Accessibility
On average, Louisville has over 119 sunny days, which means the installation of solar panels there is fruitful. However, for many people, solar panels seem to be a costly option, and they avoid investing in them. To counter this, the Louisville administration has introduced a solar financing program. The purpose behind it was to invite people towards solar energy.
The PACE program is the most noticeable in this regard; that lets you upgrade your typical energy systems and shift towards renewable energy options in Louisville. It’s a program for homeowners that helps you cover the installation cost of solar and pay back this money through a property tax assessment. Moreover, the PACE scheme is connected to the property instead of an individual; it doesn’t affect your credit score. Through this PACE solar program, you can expect 100% upfront financing of solar panels that you can quickly return in a time span of 30 years with a fixed interest rate. This ease in financing options makes it mandatory for Louisville’s people to turn toward clean solar energy.
Improved Technology
Solar energy advancements in Louisville is the key driving force behind the accessive adoption of solar energy in the area. Every day there are Innovations that make solar panels a must-to-have product for many. Let’s have a look at a few of those technological advancements:
Enhanced Efficiency
Typically, solar efficiency is the amount of sunlight that falls on photovoltaic cells and gets converted into solar energy. It may surprise you, but solar panel efficiency is quickly increasing by using new manufacturing materials or replacing old ones. For instance, in 2016, researchers replaced silicon in solar panels with perovskite crystal. At that time, silicon was still outperforming perovskite crystals in solar panels.
However, in June 2022, the researchers made the first commercially viable perovskite crystals solar panel. It has an excellent life expectancy, less cost, and requires less energy for production than silicon. These recent innovations in photovoltaic cells have increased the average solar panel efficiency from 15 percent to 20 percent.
Low Cost
In the past, solar panels were very expensive, and that was the reason many people were reluctant to adopt renewable energy options in Louisville. The manufacturing and installation costs were very high. However, solar panel prices are now steadily decreasing, making them more accessible and affordable. According to Richard Swanson, the price of solar panels will reduce by 20% every time the world’s solar energy capacity doubles.
Innovative Designs
As mentioned earlier, the solar energy department is quickly evolving, and every day there are new designs that are more portable and flexible. One of the most common examples is printable solar cells that are lightweight and flexible.
You can place them anywhere, and they are even part of accessories like laptops, phones, tablets, etc. In addition, solar-powered vehicles are another breakthrough in the solar energy world. These cars have solar panels that power the car’s battery and help it survive in the long run.
Government Incentives
To encourage people to go all solar and adopt renewable energy options in Louisville, the government provided the people with multiple incentives have a look at a few of the solar incentives in Louisville:
Federal Solar Investment Tax Credit
The Federal Tax Credit greatly impacts the overall cost of your solar purchase and installation. This tax credit takes some load off people’s shoulders when going solar in Kentucky. Here’re the things that you should know about it:
- It covers almost 30% of your total solar system cost, which includes everything such as purchase, labor, installation, permitting, etc.
- This percentage is applicable to people who plan to go solar before 2032.
For instance, if your solar energy system costs you around $30,000, you will receive around $9000 as Federal investment credit. Remember, this tax credit will drop to 26% in 2033, so it’s best to take advantage of these solar incentives Louisville.
Net Energy Metering
To make the solar energy system more compelling, Kentucky has made laws such as net energy metering. Typically, net metering is the retail rate that you get for sending the amount of additional solar energy back into the grid. Before 2020, the Kentucky net monitoring policy was very helpful for people. However, now this law has been scrapped, and regulators can now set new rates to pay for your excess solar energy generation. Some noticeable points of the net energy metering law are:
- The energy you send back to the grid will not be credited to your month’s utility bill at the full retail rate, and the rate will be much less.
- You can expect the credit to be 55% of retail rates.
- Every kWh you transfer to the grid will get you 0.68 instead of the total retail rate of $0.124.
- This may seem a bit low, but it’s still enough credit for the solar energy that you aren’t going to use.
Kentucky Solar Rebates
Although the state of Kentucky is doing its best to encourage people to turn towards renewable energy options Louisville, it still hasn’t offered solar rebates. However, solar panel companies like LG are offering solar rebates in Louisville. For instance, if you have purchased a $6000 LG solar panel system, your installer helps redeem it over the next year.
Solar Over Louisville Program
The Louisville mayor said their goal is to go all clean and fossil fuels energy free by 2040. So, to turn this into reality, the government of Louisville announced another program named ” Solar Over Louisville.” In this, people can access solar panels at discounted rates and incorporate renewable energy options into their life.
Growing Awareness
To have all clean energy, you need to educate people about solar energy and solar panels properly. For this purpose, regular awareness sessions like seminars and conferences need to be held.
The state of Kentucky recently organized a Solar Energy Annual Meeting 2022 to inform people about renewable energy options in Louisville. In this meeting, the latest solar trends and technologies and solar programs were discussed.
Increased Energy Independence
The usage of solar energy helps you take a step towards solar independence both at the national and international levels. It’s because relying on traditional energy sources like fossil fuels is very costly. Moreover, it harms the environment and makes you dependent on different utility companies for energy. So, the best thing to do is install a solar panel or establish a solar panel system on your residential and commercial buildings.
You can save some bucks on your energy bills and also get credits from a utility company through net metering. Additionally, your reliance on traditional energy sources decreases, making you more energy independent.
What Factors Determine Whether a Solar Panel is Worth in Louisville, Kentucky?
Undoubtedly, solar panels are a great investment for the people of Louisville, Kentucky. However, whether your solar energy system will benet you depends on a few factors. These are;
Your Electricity Consumption
First, check whether your home’s electricity consumption is high enough to justify the installation of solar panels. It’s because solar panels reduce your energy bills, so the more electricity you use, the more you can benet from solar panels.
Sunlight Your Roof Receives
Many people overlook the importance of the amount of sunlight their roof receives before going solar. Resultantly, they get much less energy conversion than expected, impacting their ROI on solar panels. Thus, you should check the direction your roof faces and the peak sunlight hours of your city. The South-facing and West-facing roofs receive the most energy, and on average, Louisville has 2577 hours of sunlight per year, making it an ideal place to go solar. On top of that, it’s among the most reliable clean energy solutions Louisville.
Average Payback Period
Another factor that determines whether solar and other renewable energy options in Louisville are worth it or not is the average payback period. The solar panel’s payback period is the time it takes for your utility savings to cover your initial investment cost. For instance, if you’ve bought a solar panel for $16,000 and your savings is $2000 annually, the payback period is 8 years.
Conclusion
People are rapidly adopting renewable energy options Louisville, and the solar energy sector is witnessing prominent growth. This is because of improved solar financing in Louisville and accessible solar panel installations in Louisville. So, if you want the most affordable solar panels installation in Louisville, Kentucky, Solgen Power is here to help you! Our team carefully analyzes your area and comes up with the best solution along with $0 down financing assistance, crafting design, and taking approvals from the Lousiville authorities. 2 1 With us, you can rest assured that your solar installation process will be done hassle-free within a few days. Let’s connect to discuss this further!
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Solgen Power is a solar energy equipment company that sells and installs solar for homeowners. Solgen Power has been recognized by INC. 5000 as one of the fastest growing companies in the nation. Solgen Power has grown nationwide and continues to provide excellent customer service to homeowners.