You may realize the advantages of installing a home solar array, but is now the right time to put the project into motion?
If you’ve been researching photovoltaic technology, you’ve seen the recent advances in solar efficiency – and that may lead you to believe that incredible innovations and drastic price cuts in PV equipment are right around the corner. And if that’s the case, you may think that waiting to install a solar array makes perfect sense. It doesn’t.
We’re in the business of installing PV systems, so you’d expect us to take that stance. However, we have several good reasons why you shouldn’t put your plans to install a home solar array on hold.
Solar Efficiency Improvements are Slowing
Photovoltaic technology has greatly improved over time, and the increase in solar efficiency has been impressive.
Within the last several years, however, solar panels haven’t become markedly more efficient. Since 2010, technological innovations have only created a boost in efficiency of roughly 3 percent – which, in our minds, isn’t enough of an improvement to justify waiting for better technology.
Incentives for Going Solar are Going Away
As of right now, the federal solar investment tax credit (ITC) allows you to reduce your income tax liability by 26 percent of your solar array installation costs – but only if you begin the installation by the end of 2020.
In 2021, the tax credit will drop down to 22 percent. And unless Congress approves an extension to the ITC, homeowners who wait until 2022 to install a solar array will miss out on the incentive. Seeing how the credit can amount to thousands of dollars, you may want to move forward with your project before the tax credit is phased out.
State and local incentives for going solar are also rapidly disappearing. Grants are getting harder to find, and many state-level tax credits are either gone or destined for extinction. To see the biggest savings, you’ll need to act fast.
Utility Company Rates for Electricity are Rising
You’ve been getting your electricity from the utility company, so you’re no doubt aware that prices have been steadily going up every year. Rate hikes are all too common, and there’s no reason to think that won’t continue.
The longer you wait to install a home solar array, the longer you’ll be subject to rising energy costs. Move forward with your plans now, and you’ll be able to power your home without any worry about how much the utility company is charging for electricity. Instead, you can take join in the fact that as the rates for grid power rise, your savings are growing.
If you’re planning on installing a solar array and you live in Utah, Idaho, Oregon or Washington, call on the professional team at Nationwide Solar.
A trusted industry leader throughout the Intermountain West, Nationwide Solar uses the highest quality PV equipment in every installation. We have a reputation for stellar workmanship and affordable pricing, and we take good care of our customers. To schedule a free consultation and estimate for a home solar array, contact us today.