Adding solar panels and switching rate plans can lower your Georgia Power electric bill
Updated: October 22, 2020Installing solar panels can help reduce your GP bill, thanks to Florida’s sunshine and the company’s net metering program! Combined with the 30% solar tax credit, KUA customers can see great savings when they switch to solar!
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Solar panel cost calculator
Are solar panels worth it for Georgia Power customers?
Maybe. With the 26% Federal solar tax credit, home solar panels are an investment worthy of your careful consideration as a Georgia Power customer. Georgia Power now offers monthly net metering to reach their goal of 32 megawatts of solar capacity. That allows you to get full retail credit on your power bill for the excess solar electricity your panels produce which you can’t use onsite. Your credits accrue at the same rate you pay for electricity, and roll over to the next month’s bill (as long as your credits don't eclipse your usage over the course of a month).
Does Georgia Power offer net metering credits for exported solar power?
Georgia Power doesn't offer true net metering, which would be credits for excess kWh produced in one month that can be used to reduce the next month's bill by the same number of kWh. Instead, if your solar panels generate more energy than you need in one month, GP will pay you a lower rate for the excess. The program is also limited to 5000 people annually. Work with your installer to get enrolled!This is still a decent deal when it comes to solar savings, but unfortunately we can't call it net metering.
What incentives, tax credits, and rebates are available to GP customers for installing solar?
The biggest financial incentive for solar homeowners is the 30% federal solar tax credit. The tax credit equals 30% of the solar installation costs and directly reduces your federal income tax liability.
Some states and local governments offer additional solar incentives. These incentives include state tax credits, rebates, or performance-based incentives like Solar Renewable Energy Credits (SRECs). The best part is that these local incentives can be used in addition to the federal tax credit!
Here is every incentive you may be eligible for as a GP customer:
Table 1: Incentives
| Upfront Incentives | Value* |
|---|---|
| Residential Clean Energy Tax Credit (Federal) | -$6,417 |
| TOTAL | -$6,417 |
*Based on 9.62 kW system, average installation cost $21,390
How much does installing solar panels save the average Georgia Power residential customer?
If you input the details for a GP customer with a power bill of $170 per month into the best online solar panels calculator, it tells you that you need a 9.62 kW solar system that will produce 13,088 kWh per year and that this system will return the owner a $35,648 profit after repaying the cost of the system.
The solar savings possible for you as a GP customer will depend on the amount of electricity you use and the cost of the solar system you buy. Savings also vary based on the direction of your roof or any shading of your roof that affects output.
Here is a monthly and lifetime solar savings estimate for the same relatively typical GP customer with a $170 per month electric bill prior to solar and who installs a 9.62 kW solar system.
How much do residential solar panels cost for GP customers?
Showing data for:
Prices based on a 11.5kW system, after 30% federal tax credit
Solar prices near you
Net profit (savings less system cost)
$36,635-$44,776
Payback period
10.4-12.7 years
Recommended size for the selected utility bill
11.5kW
Solar panel cost calculator
Detailed information about your estimate
Table 2: Estimate details
|
System Size (for 100% usage offset) 9.62 kW |
|
Annual Power Generation 13,088 kWh |
|
Pay-back time (assuming Cash purchase) 9.8 Years |
|
Internal Rate of Return (IRR) on Investment 5.4% |
|
Gross cost $21,390 |
|
Total Upfront Incentives and Rebates -$5,561 |
|
Net Cost of System after rebates and incentives $15,828 |
|
Total Cost of Utility Power Avoided over 25 years $51,476 |
Please note that the investment return figures do not include the possible increase in property value.
What are the environmental impacts of Georgia Power customers installing solar panels?
While most homeowners decide to install solar panels because of financial savings over time, the environmental impacts of this choice are the primary motive for others. Here is a breakdown of the environmental benefits from a Georgia Power customer installing a 9.62 kW solar system on their property:
A solar system generating 13,088 kWh per year will save you money AND make the world a nicer place
Saves you
$1,426
on average per year
Reduces CO2 emissions
6.48
tons per year
Equivalent to planting
45 trees
per year
Equivalent to driving
14,332 mi
less per year
CO2 emissions calculation based on the electricity generation and emissions data for your state in 2015 as published by the US Government Energy Information Administration.
What factors affect the price of solar panels for Georgia Power customers?
The cost of installing solar panels will vary with brands of solar panels and inverters you choose and also the installation company you choose to install them.
It is common to see really good systems, using quality brands of equipment, being sold for around $2.22 per watt or $15,828 for a standard 9.62 kW solar system after the customer claims the 30% federal solar tax credit.