ELKRIDGE, Md., Feb. 3, 2011 /PRNewswire/ -- Solar Energy World (http://solareworld.com), the region's leading solar panel installation firm, calculates that it saved consumers more than $2 million in 2010. The savings comes from a combination of federal and state credits and grants for installing solar panel systems, as well as local property tax credits.
Solar Energy World estimates that the residential solar panel systems it installed in 2010 saved approximately 6,588 kWh last year, shaving more than $70,000 off home utility costs annually.
In Maryland, consumers can apply for the Maryland Solar Energy Grant Program, where they can receive up to $10,000 on solar photovoltaic systems under 20 kW, and up to $1,500 or 20 percent of the cost of solar hot water systems. Additionally, residents in Anne Arundel, Harford, Howard, Montgomery and Prince George's counties offer property tax credits for installing solar panel systems.
On the federal level, consumers who install solar energy systems (including solar water heating and solar electric systems) receive a 30% tax credit for systems placed in service before December 31, 2016.
"Solar panel systems can pay for themselves in a few short years," says Solar Energy World managing partner Geoff Mirkin. "That's only if a consumer takes full advantage of all the tax credits and grants available to them."
Additionally, the solar panel systems installed will earn 731 Solar Renewable Energy Credits (SRECs). Currently valued at $360 per credit, consumers could potentially earn $234,048 per year over the 30-year life of their solar panel systems.
Solar Energy World offers consumers a free online Solar Savings Calculator, which can estimate how much money a solar panel system can save. The Solar Savings Calculator is available online at:
Additionally, Solar Energy World conducts free in-home solar analyses to help consumers determine the size and type of system that is best suited to their home.
About Solar Energy World
Solar Energy World is the Washington, DC/Baltimore area's leading provider and installer of solar panel systems and solar hot water systems. Offering homeowners a complete turnkey solution to solar, our installation teams have more than 74 years of combined experience in roofing and electric. Solar Energy World is dedicated to saving our environment and improving the quality of all our lives, and believes that Solar Power truly lights our way to a better future!
SOURCE Solar Energy World