Tax credits for solar extended

There has never been more urgency in the search for non-polluting energy sources than today. Why is that? It is not just the overwhelming amount of data that our planet is becoming dangerously polluted. While environmental concerns are certainly the predominant reason for adopting solar, financial considerations are nearly as important. Governments and other entities are providing incentives to install solar systems. The 30 percent tax credit on solar panels that were supposed to expire in 2016 has been extended all the way to 2019. But we must not be complacent about this extension because the cumulative damaging effects of fossil fuel pollution grows every day we continue using gas and coal. To get the full Solar Investment Tax Credit (ITC), we need to get our panels purchased and installed in the next three years. After that, the credit diminishes: to 26 percent in 2020, and then to 22 percent in 2021. By 2023, the residential tax credit will likely be nonexistent. After that, it’s possible credits will be extended, but there is no promise of this.

Prices of solar panels still less than ever before considering incentives

The price of solar panels is continually coming down. Prices have fallen by more than 75 percent since 2009, according to industry insiders. This drop reflects better efficiency, both in the manufacturing process and in the panels themselves. Still, the initial cost of buying and installing a full system, including panels and supporting parts, can run between $10,000 and $40,000. There are some creative options you can use to adopt solar power for your family. But, you don’t necessarily need to have a spare $10,000 to invest. Options like leasing and power purchase agreements (PPAs) allow you to generate solar energy without up-front costs. Depending on your location, there might even be a way for you to buy power from a solar farm.

Is solar really a money saver in California?

There’s more than one method to obtain the best solar panels. If you own your home, and you can afford it, purchasing your panels is the best option. It’s the only way to take advantage of the ITC and other incentives, and it’s the only way to earn renewable energy credits (RECs) — actual income from selling your excess power back to your local power grid.

Although solar panels have a considerable initial cost, they pay off nicely in the long run. According to the authorities, the average solar payback time (or time required to break even) is eight years. Panels generally last north of 25 years, leaving you with a potential 17-plus years of energy generation that’s pure savings. Many solar installers will also give you the option to lease panels, but buying is the simplest option and one that is cheaper overall.

Adopting solar power is one of the best investments you will ever make

Solar power is here to stay, and the sooner you explore how much you can save, the sooner you can enjoy the benefits of residential solar power. Financially, you benefit from the first month of solar installation and then every month after that, for virtually the rest of your life. For those homeowners just barely squeaking by every month, having your electric bill paid while you generate your own power, is often an empowering feeling and the incentives are sufficient to entice many home and business owners to purchase their own solar energy system. Be the first on your block to set the renewable example!

Please visit our solar blog to find out more about the benefits of going solar.

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