There are many different reasons homeowners choose solar power as their primary energy source. Some like the fact that the utility pays you to generate power. Some like the low energy bills and saving money. Still others like that it’s environmentally responsible.
Whatever your reason, solar energy for your home is a win-win proposition. There really is no downside. However, what has held many homeowners back in the past is the cost.
Yes, it’s true that solar used to be very expensive. Unfortunately, that reputation persists even though a lot has changed, especially over the past 10 years.
For one, solar is no longer cost-prohibitive. There have been many technological advances in manufacturing and efficiency over the years and the cost to purchase and install a typical residential solar system has dropped 65% since 2009. Today, the average six-kilowatt residential solar system costs about $18,000. That’s the price of a modest new automobile and easily within the reach of most homeowners. And, unlike automobiles, a solar system can end up paying you money and accruing in value over the years.
But, that’s not the only thing driving down solar costs. The federal government also provides a 26% tax credit to any homeowner that installs a qualifying solar system on their home. Depending on what you make a year, this could add up to a lot of money. We find the typical tax credit equals approximately $6,000. This could be more or less based on your income, but this is the average in our service area. So, if the typical system costs $18,000, that’s $6,000 you can use to help pay for it.
In addition, many electric utilities will provide an additional rebate for a residential solar installation. These rebates vary but are usually calculated on a per watt basis. For example, Liberty Utilities’ Empire District in Joplin, Missouri offers its customers a $0.25 per watt rebate for systems operational between July 1, 2019, and December 31, 2023. For a six-kilowatt system, that’s an additional $1,500 off the cost of your system and that’s free money.
Of course, not every electric utility offers solar rebates. Electric cooperatives and municipally-owned utilities are not regulated by the state and usually opt out of providing such incentives. But, that’s not always the case and you should check just to be sure.
Finally, solar companies are making it especially easy to purchase and install a system for your home. Many provide financing with low-interest rates and additional perks such as an energy audit or some other whole-home energy efficiency improvements, which reveals where your home is losing energy, and money, causing you to feel more uncomfortable during periods of extreme heat or cold. This is usually included in the cost of your system.
At Shine Solar, we provide full financing with zero down, no interest and no payments for the first 12 months of your loan. That means you can immediately enjoy the benefits of solar energy and use the money you save to start paying off your system early. We also offer a free energy home energy audit with the purchase of your system.
So, What’s The Rush?
Unfortunately, all the financial incentives for going solar are slowly disappearing. The federal tax credit comes up for renewal by Congress every few years. Depending on the administration, this could be decreased or even be eliminated if the government feels the industry can now stand on its feet without support. Also, electric utility discounts are for a limited time only. Many electric utilities are now investing heavily in renewable energy such as wind and solar and want you to buy this energy from them instead of
them paying you to produce it. So, if you’ve ever thought about going solar, now is the time to do it before these incentives run their course.
For this and many other reasons, there has never been a better time to install solar on your home. The only question you should be asking now is, “why not go solar?”
Is solar a good fit for your home?
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If you are considering going solar, the first step is to get a solar savings report to determine if solar is right for you and your home. Click the button below to get your solar savings report now!Get Your Solar Savings Report Now!