Solar power in Lake Elsinore, California
Southern California offers its customers in Lake Elsinore an excellent net metering program.
The federal solar tax credit also allows for a large portion of the total system cost - 26% in 2020, and 22% in 2021 - to be claimed as a tax deduction for systems of up to any size. This tax credit may also be spread over several years.
Incentives like this cannot be taken for granted, and with utilities and many lawmakers trying to kill the solar industry - don't wait around!
Net Metering Broken Down
Under net metering every kWh of excess solar generation exported to the grid you are credited on your bill.
Usually, your solar system will export more than the home draws from and this is credited at the retail power rate. SCE can either write you a check or you can use the credits to offset future bills for the next year.
NEM-2 net metering rules do require customers of investor owned utilities (most people) to switch to time of use billing, reducing the returns by about 10%.
Fortunately, with excellent solar production in Lake Elsinore and the price of installing solar dropping, it is still an excellent investment for your home or business.
The average cost of installing residential solar panels in Lake Elsinore,
California in 2024 is
$2.72 per watt. The average system size
in the US is 6 kilowatts, which means the average price of a solar system
in Lake Elsinore, CA
is $13,600.
(after claiming 26% tax credit and other rebates)
The 26% federal solar tax credit explained
If you have a federal income tax liability, 26% of the cost of your solar system can be claimed as a deduction to your taxes. This incentive is claimed when you do your taxes. In order to receive the tax credit quicker it's best to do your taxes as soon as possible after installation.
What if my tax liability is less than 26% of my systems costThere is the option to claim this incentive over several years if your tax liability is less than 26% of the system cost.
How much will solar panels on my home save me?
The answer to this question depends on your electricity usage. Generally speaking the greater your power usage the greater the potential savings from installing solar.
The average monthly usage in California is only 573kWh per month however, you are most likely using a lot more than this since this average includes condos and small apartments.
The Lake Elsinore solar panel savings calculator below will convert your monthly power spend into power usage (in kWh's) and then work out exactly how many solar panels you need to offset your usage, how much they will cost based on the prices of local solar companies and the amount you will save. Our California solar savings calculator can do this because it contains a database of the electric rates charged by Anza Electric Coop Inc, Banning City of, City of Riverside, Imperial Irrigation District, Southern California Edison Co, City of Corona DWP, Moreno Valley City of
How much can solar panels save you in Lake Elsinore
What does the cost of a real solar system look like?
Facts about installing a 7.21kW solar system in Lake Elsinore, CA
This system would offset 100% of your energy usage if your typical monthly bill is $223, however your situation may vary so try our Lake Elsinore solar calculator to get a result tailored to you.
$14,192
Net cost of system
4 Years 10 Months
Average payback time
10,619 kWh
Annual power production
5¢/kWh
Levelized cost of solar energy
45¢/kWh
If you don't get solar
Cash flow graph based on cash purchase of this 7.21kW system
Life-time savings on this system over the next 25 years
$98,635
(Prices shown after repayments of capital)
220
Solar companies in Lake Elsinore, CA that provide pricing through the SolarEstimate marketplace.
Average total cost of solar panel installation in Lake Elsinore
| System Size |
Cash purchase After 26% solar tax credit |
Financed purchase After 26% solar tax credit |
|---|---|---|
| 3kw | $6,416 | $6,929 |
| 4kw | $8,377 | $9,047 |
| 5kw | $10,286 | $11,109 |
| 6kw | $12,077 | $13,043 |
| 7kw | $13,831 | $14,937 |
| 8kw | $15,451 | $16,687 |
| 9kw | $17,050 | $18,414 |
| 10kw | $18,500 | $19,980 |
Find out what system size you need for your home
Going solar in California
Check out all of the ways energy providers of California can help you be more energy efficient and save money.
The following programs are available:
| Incentive Name | Eligibility | Type |
|---|---|---|
| Residential Renewable Energy Tax Credit | Federal | Personal Tax Credit |
| Property Tax Exclusion for Solar Energy Systems | State | Property Tax Incentive |
| Sonoma County - Energy Independence Program | Local | PACE Financing |
| NEM 2.0 | State | Net Metering |
Find your local rebates and incentives
Please keep in mind that the best source of up-to-date information on incentives are the solar installers who specialize in your area.
