Is Now a Good Time to Consider Solar?
Are you considering solar energy for your home or business?
The current conditions make it a great time to invest in solar power. Multiple benefits include tax credits, rising utility costs, and decreasing panel prices. According to the U.S. Energy Information Administration, demand for solar and wind energy is expected to surpass coal for the first time in 2024, making solar power an increasingly attractive option. With escalating energy costs, government incentives, and technological advancements, now might be the ideal time to consider solar energy for your property.
Many homeowners are turning to solar panel systems to offset their monthly utility bills due to increasing electricity rates and a growing desire to live a more environmentally sustainable life. The current federal tax credit makes this investment appealing, especially as solar technology becomes more efficient. While the initial investment in solar energy can be significant, there has never been a better time to consider it for your home or business.
Tax incentives are generous right now.
The federal government offers tax credits equal to 30% of the cost of your solar installation. If you spend $30,000 on a solar panel system, you would be eligible for a $7,000 solar tax credit. This tax credit applies to solar panels and battery storage, making it one of the most favorable tax credits available to all taxpayers. The reduced energy bills and the immediate tax credit can help homeowners with the initial cost of purchase and installation.
Solar Prices Are Dropping
The decreasing costs and increasing production of solar panels show promise for the future of solar energy. This should encourage homeowners and businesses to consider solar a viable and cost-effective option. The average cost of a rooftop solar panel system is currently around $25,000, down from about $50,000 a decade ago. This decrease is attributed to lower material costs, improved solar panel efficiency, and advancements in the installation process.
We're Feeling the Impact of Climate Change
In addition, due to extreme weather events, ongoing climate change is driving the need for more reliance on energy storage solutions. Solar power and battery storage can help alleviate this demand by enabling homeowners and businesses to generate and store electricity during high demand, thus reducing the strain on the electrical grid.
Energy Costs are Rising
Utilities must invest in upgraded infrastructure to keep up with the new demand for electric vehicles. These much-needed investments will be passed onto the consumer despite a drop in fuel prices. With these rising electricity rates and the projected rise in energy demand, particularly in regions that will likely require more heating or cooling due to climate change, installing solar panels in your home or business can help reduce your reliance on grid energy, effectively stabilizing your monthly electricity bill and providing certainty in your monthly expenses.
At GreenMarbles, we offer sustainability solutions for residential and commercial spaces. Let us help you find the right solution for your business, new construction, or MDU property.
