Ashleigh AngellSeptember 25, 20184470
The Time to Invest in Solar is Right Now
Because the prices of solar are on a steady decline, many people think it’s best to wait to make the solar energy investment. While this makes sense when only taking the price of solar installation into account, there are other factors one should consider before making their final decision. One of the main factors being that the prices of solar panels are probably going to be back on the rise very soon. When making the decision to go solar, the best time to do it might actually be right now.
The 30% Solar Tariff
Just this year, Trump placed a 30% tariff on solar imports. The reason this is such a big deal, and why it’s having so much impact on solar panel prices, is that 80% of the solar panels installed in the US are imports. Most of these imports come from Malaysia, South Korea, China, Thailand, and Vietnam. Because these importers will now have to pay so much more just to get their products to the US, they will, in turn, charge the consumer more. This will also lead to fewer panels available on the market in general, which also mean the prices of the panels is going to shoot up.
The effects are already being seen, with multiple companies canceling their solar installations, equating to $2.5 billion in lost revenue.
You may be thinking the solution here is simple: just buy American-made solar products. However, as the costs go up for the other solar products, and as the demand for the American products gets higher and higher, so will the prices.
Tax Credits Aren’t Forever
If you’re interested in going solar, you’ve probably heard about the great tax credits available and how much money they’ll save you. This tax credit allows you to take a whopping 30% of the price of your solar installation off your tax bill. And if this ends up being more than the total bill, you can even roll over the deduction into the next year’s bill.
This incentive was only meant to last one year and end in 2007. However, it has been working incredibly well and been a driving force of people switching to solar energy. Because of this, the date has been pushed back multiple times.
The new plan is to slowly phase it out, with the first percentage deduction set to come out in 2020, when they will change it from 30% to 26%, then to 22% in 2021, and then it will be completely gone by 2022.
If you want to receive the full benefits of the tax credit, the time to invest in solar is right now.
Incentives Aren’t Forever, Either
You may have also heard about the amazing rebates you can get, usually funded by local governments, from your utility company. The problem with these is that if enough people take advantage of them, they run out, which is exactly what happened in California. Luckily, there are still some power companies offering utilities, but like PG&E, they are likely to run out eventually.
Look for any rebates you can find in your area and take advantage of them fast before they disappear.
It’s Time to Take the Leap
Between panel prices going up and incentives going down, the time to invest in solar energy is right now. Don’t wait for the tariffs to fully effect solar panel prices, the tax credit to vanish, or rebates to disappear.
To get started on investing in solar energy, head over to the HahaSmart blog to learn everything you need to know!
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