Millie HennickSeptember 25, 201816840
Governments and utilities are beginning to see the wisdom of offering tax credits and incentives for those purchasing a solar energy system. There has never been more urgency in the search for non-polluting energy sources than today. Why is that? It is not just the overwhelming amount of data that our planet is becoming severely polluted. While environmental concerns are certainly the predominant reason for adopting solar, financial considerations are nearly as significant. Governments and other entities are providing different incentives to install solar systems. The 30 percent tax credit on solar panels that were supposed to expire in 2016 has been extended all the way to 2019. But we must not be complacent about this extension because the combined damaging effects of fossil fuel pollution grows every day we burn these dangerous materials. To get the full Solar Investment Tax Credit (ITC), we need to get our panels purchased and installed in the next three years. After that, the credit diminishes: to 26 percent in 2020, and then to 22 percent in 2021. By 2023, the residential tax credit will be nonexistent. After that, it’s possible credits will be extended, but there is no promise of this. Other new programs could be coming as well, but it's best to invest in your solar energy system now.
The price of solar panels is continually coming down. Prices have fallen by more than 75 percent since 2009, according to industry experts. This drop reflects better efficiency, both in the manufacturing process and in the panels themselves. However, the initial cost of buying and installing a full system, including panels and supporting parts, can run between $10,000 and $40,000. But, you don’t always need to have a spare $10,000 to invest. Options like leasing and power purchase agreements (PPAs) allow you to generate solar energy without up-front costs. Depending on your neighborhood, there might even be a way for you to buy power from a solar farm. It's worth investigating the options available.
There’s more than one method to get the best solar panels. If you own your home, and you can afford the upfront costs, purchasing your panels outright is the best option. It’s the only way to take advantage of the ITC and other incentives, and it’s the only way to earn renewable energy credits (RECs) — actual income from selling your excess power back to your local power grid.
Although solar panels have a substantial initial cost, they pay off handsomely in the long run. According to experts, the average solar payback time (or time required to break even) is about eight years. Panels, last north of 25 years, leaving you with a potential 17-plus years that’s pure savings. Many solar installers will also offer you the option to lease panels, but buying is the simplest option and one that is cheaper overall. Business owners are wise to consider the wisdom of installing solar panels as well. There are many situations that make solar power an excellent choice for manufacturing, small offices, hotels, and much more. Generating your own power is one of the wisest decisions some businesses can make since one of the first things that are likely to happen is you will eliminate your electric bill. This is a huge deal for some businesses, and a little one for others, but everyone enjoys saving money every month.
Solar power is here to stay, and the sooner you explore how much you can save, the sooner you can enjoy the benefits of residential solar power.
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