Global demand for solar power this year is predicted to grow by more than 30%. The US is also anticipating an increase in its capacity, driven by mature technologies and government incentives. Solar power offers many benefits, such as clean energy, lower utility bills, and reduced dependence on fossil fuels. If you’re thinking of going solar, here are some compelling reasons why it is never too late to look up to the sun as a source of power for your home.
Advancements In Technology And Lower Prices
Solar power technologies continue to improve, resulting in better efficiency and lower costs. Whether using photovoltaics (PV), thermal energy, or solar heating and cooling (SHC) systems, you can harness adequate energy to light up homes, heat water, cool houses, and even have extra kilowatts to sell to the grid, earning credits towards savings. Solar technologies are also cleverly designed to blend well with the aesthetics of your home without disturbing the symmetry of a structure. For example, you can have different colors of solar panels, or substitute roof tiles with PV.
Perhaps the biggest advantage of advancements in tech is that solar panel cost is much lower that it was decades ago. Today, it is more affordable to bet on clean energy without paying a fortune or waiting for years before your investment pays off. There are many different schemes and designs that will fit all sorts of budgets. Even batteries are being constantly updated for longer life and better storage capacity.
Tax Rebates And Incentives
Another reason why it’s not too late to switch to solar energy is the availability of tax credits. The investment tax credit (ITC) or the federal solar tax credits lets you deduct 26% off your federal taxes from the total cost of installing a solar power system. Hence, you will save about $9,000 on the cost of your solar scheme due to the ITC.
The ITC has been instrumental in supporting America’s transition to renewable energy. Due to its popularity, Congress has extended its expiration date several times. The recent extension was in December 2020, prolonging its validity for two more years. From 2020 to 2022, owners of new residential solar power can deduct 26% of the cost. In 2023, this will go down to 11%, and in 2024, to 10%. Thus, it makes sense to install a solar power system while tax rebates are still available.
Going solar offers many benefits that are good for your pockets and the environment. As solar tech becomes better, prices are also going down. When you factor in the tax credits that are available, investing in solar energy is a wise move.