An HC-1 system configuration can cost anywhere from $30,000 to $100,000 depending on the electrical power requirements of an end user. With the purchase, the end user qualifies for an investment tax credit of 30% from the government reducing the system cost substantially.
End users that are located in states or countries whose government supports a regulatory standard requiring its utility companies to increase their production of energy from renewable energy sources have immediate benefits. Currently, many states comply with regulatory standards including New Jersey, Massachusetts, Pennsylvania, Maryland, Ohio, Delaware, North Carolina, Virginia, Kentucky, West Virginia, Michigan, Indiana, Illinois as well as the District of Columbia. In addition, countries such as the United Kingdom, Italy, Poland, Sweden, Belgium and Chile have adopted regulatory standards. The list is expanding each year.
Prior to an installation of the HC-1 system, H/Cell Energy, on behalf of the end user, submits an interconnection application with the local public utility company to become a certified renewable energy generator. The application is approved based on a balance of historical consumption and renewable energy to be produced. Once approved and when the system is operational, the HC-1 system end user can begin net zeroing their electric bill and if in a permissible state, can begin generating solar renewable energy credits (SREC). Here in the states, an end user receives one SREC for each 1,000 kWh produced through renewal energy. This SREC can vary depending on supply and demand but on average, it is a $250 credit. The end user sells these credits to a broker who in turn sells the credits to a utility company so that the utility company can demonstrate their compliance with the regulatory obligations to reduce greenhouse gas emissions. Many other states that may not offer an SREC program, do offer other cash incentives for renewable energy systems.
The HC-1 system has an excellent return on investment. An end user who is spending $300 per month in electricity on average can generate significant energy savings and energy credits depending on which state or country. Here in the states, the HC-1 standard system configuration will generate approximately 18 SRECs per year for an energy credit of $4,500. Lastly, by eliminating the $300 monthly electric bill, the annual savings will be $3,600. In total, with energy credits and the elimination of the electric bill, the annual savings can be a minimum of $8,100. If purchased outright, the HC-1 system has a payback of approximately 8 years. Or if financed, the system savings typically covers the finance payments. Further benefits include having a clean renewable energy source that protects our environment, lessening dependence on the aging grid and allowing for a backup power generation system if the grid malfunctions from a natural disaster or cyber-attack.