San Francisco, CA – May. 28, 2022, FranklinWH, a privately funded home energy storage company, is proud to be eligible for California's Self-Generation Incentive Program (SGIP). Using the FranklinWH Franklin Home Power (FHP) system, you could be able to get incentives from both SGIP and Investment Tax Credits (ITC). Totaling 25% cost savings from SGIP for general markets, and a 26% tax credit from ITC for the cost of solar power.
Now is probably the best time for you to make this savings choice.
The Self-Generation Incentive Program (SGIP)
The California Public Utilities Commission (CPUC) introduced the SGIP to encourage residents to use their self-generated energy. The program will offer rebates to families that use home energy storage technologies.
The energy storage approved by the SGIP program meets established national safety and performance standards. Using equipment listed in the SGIP program will provide greater value to our installers and end-users. We are pleased to provide more value to our customers.
If you are interested in applying for SGIP rebates for your customers, you need to be pre-approved as an SGIP developer. You can go through the registration process on the SGIP page.
Each installer receives a percentage of funding based on the size and type of the installation, with the details set by each of the regional companies listed below. FranklinWH will work with installers and project administrators to enroll you in the SGIP program.
Who is eligible for the SGIP rebates?
Any residential customer of Pacific Gas and Electric Company (PG&E), Southern California Edison (SCE), Southern California Gas Company (SoCalGas), or San Diego Gas & Electric (SDG&E) is eligible for a General Market SGIP rebate of approximately $250/kWh, which means the rebate covers approximately 25% of the cost of an average energy storage system.
There are two additional categories of higher SGIP rebates for residential customers: Equity and Equity Resiliency. The rebate covers approximately 85% of Equity and closes to 100% of Equity Residency. You can look on the SGIP page for details.
How to apply for the rebates?
Your installer can apply for your rebate. The installer will work with you to apply for the SGIP rebate and install the technology in your home.
Since the aPower storage in the FHP has been approved by the CPUC, FHP homeowners can ask your installers to apply for the SGIP rebate. They will know the exact application process.
The Federal Investment Tax Credit (ITC)
There is more good news that will encourage residents to install energy storage in their homes. The Federal Investment Tax Credit (ITC) is probably the most significant financial incentive for installing solar in the U.S. The ITC is 26% through the end of 2022 for residential solar and is scheduled to drop to 22% for 2023, and 0 for residential solar in 2024.
Suppose a homeowner installs both a solar PV and a battery storage system, and the battery storage system charges 100% from the solar. In that case, the battery system will also be covered under the solar ITC. In this case, the homeowner can get a 26% tax credit on the system cost.
We are always here to help you save more and provide the power of self-reliance. If you have any questions about this topic, please be free to contact us here: www.franklinwh.com/support/contact.
Designed with the end-user in mind, FranklinWH's forward-thinking storage system ensures home comfort while anticipating homeowners' future energy savings. Founded in 2019, the company employs a team of leading storage and power electronics experts. With its culture of innovation, FranklinWH already has more than 30 patents pending. As one of the only manufacturers of residential battery technology to design and produce nearly all its components in-house, FranklinWH delivers higher reliability and performance than competing systems assembled from multiple sources. Learn more about how homeowners can achieve energy freedom at www.franklinWH.com.