With the coming of a greener tomorrow, nonrenewable energy is slowly losing its foothold to its cleaner counterpart, renewable clean energy. Solar has climbed from producing under 1% of renewable power in 2010 to 7% in the beginning of 2020, and is growing even more as it begins to become more available to the average homeowner. Many wonder what kind of benefits solar power can provide for them, and switching to solar may just be beneficial to you.
Price over time
Home solar is more affordable than ever before. Back in 2010, it could have costed you about $6.70 a watt – and that was a good price. Now, it costs about $3 to $4 a watt, dropping incredibly low compared to prior years. This makes solar a fantastic option for those looking to cut their power bills overall, as well as run your house on clean energy.
It’s also worth mentioning that the Federal Tax Credit provides those with renewable energy on private property a tax credit. This should be taken into consideration when installing, as it can make all the difference for your financing. The credit is 30% up to $2,000, and above that, it’s 20%. No matter how large or small your system is, you’re getting a credit for your installation.
Time is running out, though. The solar tax credit is going to decline slightly by the end of 2020 (to 26%). This will be even more by the end of 2021 (22%), before expiring entirely. Those who are interested in benefiting from the credit are best off installing before the end of 2020, as to get the credit at its peak.
Solar is an expanding demographic, and you could be reaping the rewards depending on what coverage your home gets. Many homes are viable for solar, and that just might include yours. It never hurts to get some estimates for your home!
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Looking for solar installation services in Virginia Beach, Chesapeake, and Norfolk? Give us a call at 757-988-7777 today! Our experienced team is ready to help you with the Federal Tax Credit and guide you through our low-interest financing option.