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Did you know that solar panels can save you $30,000 while boosting your home’s value? Installing some panels will help you save the world and keep some extra cash.
Solar savings add up quickly while making you less reliant on energy companies. We’ll provide concrete insights to help with your solar investment.
Know these three details before you embrace solar panel savings.
1. The Investment Tax Credit Is at 26%
Solar panels provide immediate payoff before you have them installed. Many states and governments encourage their citizens to embrace solar and provide a tax credit.
If you want this tax credit, you’ll need solar panels installed soon. Check these service locations to find a nearby solar panel installer.
Tax credits have a more favorable impact on your bill than deductions. If you’re nervous about the upcoming tax season, an installation can offset the bill.
This rate will decrease in future years. This tax credit drops to 22% in 2023 before phasing out in 2024. The government may change this deadline, but don’t rely on them to extend the tax credit.
Solar panel installers offer several financing options. You can pay for the entire service in cash or start with $0 down.
The zero-down payment choice helps people get started with solar panels. A 0% down payment turns into a 26% down payment if you pay with the tax credit.
This flexibility helps most people pay off their solar panels in 4-9 years.
2. Geography Impacts Solar Savings
More sunlight leads to more efficient solar panel usage. Cloudy and shady days provide less energy for solar panels to absorb.
The amount of sunshine isn’t the only geographical factor impacting solar savings. Solar power savings extend to the installer’s location. Additionally, some states offer more incentives. For example, the average cost of solar panels in Texas is lower than in many other states, like Rhode Island or Vermont.
The further an installer is from your home, the more the service will cost. Solar panels are expensive to ship, and a further destination increases shipping prices. For example, the solar industry in Texas is rapidly growing, which means the cost of solar in Texas is below-average because there are tons of options for solar panel installers across the state.
Anyone considering solar panels can minimize costs with a local installer and lead to an ROI sooner.
3. Solar Panel Prices Have Been Declining for Years
Solar panels have been getting more affordable for years. The price of solar power has dropped over 89% in the past 10 years.
Technological advancements caused solar panels prices to decrease significantly. In 1976, each watt cost $106. A solar panel features 250-400 watts, making $106/watt undoable for many families.
Today, each watt only costs $0.38. A 250-watt solar panel once cost $26,500 instead of $95.
We’re a long shot from $106/watt, but the rate was $2/watt only a decade ago. Further technological advancements can continue driving down the price in the future.
Ramp Up Your Solar Savings
Solar savings add up and increase the value of your home. You’ll get immediate tax benefits and save on electric bills.
Solar power is the future, and this renewable energy protects the planet. You’ll have more money to spare while contributing to society.
Want to learn more about solar power and renewable energy? Continue reading this blog for additional insights and resources.
