5 Reasons Why You Shouldn’t Wait to Go Solar

Still not sure if you want to go solar? Here are the top five reasons why there’s no time like the present to make the switch.

1. The Solar Investment Tax Credit Is Expiring

Passed in 2006 to help drive the growth of the solar industry, the ITC is expiring in 2021. This year, 26% of the total cost of your solar investment is returned to you in the form of a dollar-to-dollar tax credit. So, if your solar system costs $30,000, you’ll owe $7,800 less in federal taxes. This credit can be applied to the cost of panels, components, installation and even batteries.

2. Electricity Rates are Skyrocketing

Across the country, electricity rates are rising fast. By installing solar on your home or business, you can stabilize your energy costs and protect yourself from unpredictable electricity rates that can take a bite out of your monthly budget.

3.Solar Panels Are Increasing Home Values

With mortgage interest rates at historic lows, the real estate market is hopping. And the price of homes is rising quickly. One of the ways to increase your home’s value is to install a solar system. According to Lawrence Berkeley Labs, a system has a 45% return on investment. Compare than with a bathroom remodel with a 2% return or a kitchen remodel with a 2% loss.

4. Solar Panel Efficiency Is Plateauing

As solar technology has improved, so has solar panel efficiency. Today, panels are more efficient than ever, but the rapid increase in efficiency that has taken place year-over-year is beginning to slow down. Thus, it no longer makes sense to wait to go solar to gain greater efficiency. By getting in now, you can take advantage of the tremendous gains in efficiency that have already been achieved.

5. Solar Panel Prices Could Increase

With solar rebates and tax credits beginning to expire, solar panel costs may likely rise. As incentives disappear, homeowners’ will require longer periods of time to experience measurable ROI on their purchases. Thus, this could potentially create a supply and demand issue that increases the price of panels.

So, now you have the reasons why it makes sense to switch to solar. Want to get started while the ITC is still 26%? Call Cool Blew Solar today at 623-234-2836.

FAQ's

Is Solar Energy Expensive?

The size of your panel installation and the needs of your home will affect your costs. The average net cost of a 5.69kW system is $13,838 cash after 30% rebate (according to solar-estimate.org). An average-sized system can cost up to $35,000. Larger installations will require more hardware, planning and construction time. This can further increase costs. While solar panels are expensive, they have many distinct benefits. Cool Blew Electric & Solar’s experts can assess your situation and goals and recommend a cost-effective system to meet your needs.

How Much Can I Save By Installing Solar Panels?

An average-sized system (5 kilowatts) can reduce up to 50% of your monthly electricity bill. A 5.69kW system would offset 100% of your energy usage if your typical monthly bill is $138. Over a period of 20 years, these savings can add up to $30,000, based on your location and energy usage.

How Long Would It Take to Recoup My Solar Investment by Solar Energy Savings?

With a 5.69kW Solar system you would recoup your savings in 7 years and 2 months but with continuous Utility increases every year your Return and Investment will be much sooner.

What is a Solar Lease Program?

The Solar Lease Program has been one the most popular option that homeowners have chosen over the years. Solar Lease programs gives homeowners the opportunity to take advantage and put Solar on their homes and a guaranteed savings from their Utility for little to no money out of pocket. Most Leases are 20 year power guarantee from the solar provider and includes fixed monthly payments, no repair cost, fully insured and warrantied for the life of the system.

Blog