Could the New Infrastructure Bill Save You Money on Home Solar?

President Biden’s $1.85 trillion Build Back Better Act includes millions of dollars in tax credits and federal government assistance for millions of Americans. As part of the bipartisan infrastructure bill, investments in clean energy will help speed the transition away from fossil fuels and potentially put dollars back in the pockets of consumers. Here are three ways that the Build Back Better legislation may be financially beneficial for you, in terms of green energy.

Clean Energy Tax Credits

The infrastructure bill for all 50 states calls on Congress to invest $555 billion in clean energy development and climate initiatives. The good news for you is this program may reduce the cost of solar panel installations on your home’s rooftop and shorten the payback period. The spending bill also includes an electric vehicle tax credit that could save the typical middle-class family up to $12,500 when they buy a made-in-America electric vehicle.

Rebates for Energy Efficiency

The Build Back Better Act will likely extend and expand rebates and tax credits for energy-efficient HVAC systems, water heaters, furnaces, windows, doors, and roofs purchased by homeowners. This may result in significant savings when upgrading to efficient appliances or retrofitting your home to be more energy efficient. By taking advantage of these, there’s the potential to save hundreds of dollars every year on monthly utility bills.

Decreased Costs for Renewable Energy Sources

Energy costs have rapidly decreased for onshore and offshore wind turbine farms, solar farms, and solar panel technologies. And by installing a home solar panel system, you’ll not only lower your monthly electricity costs, you’ll also have additional long-term savings from these low-risk investments in renewable energy.

Bottom Line

These long-overdue investments for American families will usher in a clean energy future. By delivering reliable, clean, and affordable power to more Americans, expanding access to clean energy and energy efficient products, the $62 billion earmarked for the U.S. Department of Energy (DOE) will ensure a more equitable clean energy future.

Cool Blew Solar

Get a free quote on your solar panel installation in the Valley of the Sun to take full advantage of the Build Back Better Act. Call your solar energy experts today at Cool Blew Solar 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.

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