With the coming of a greener tomorrow, nonrenewable energy is slowly losing its foothold to its cleaner counterpart, renewable energy. Solar has climbed from producing under 1% of renewable power in 2010 to 7% in the beginning of 2020, and growing even more as it begins to become more available to the average homeowner. Many wonder what benefits solar power can provide for them, and switching to solar may just be beneficial to you.
Home solar is more affordable than ever before. Back in 2010, it could have cost you about $8.90 a watt – and that was a good price. Now, it costs about $4- $5 a watt, dropping incredibly low compared to prior years. This makes solar a viable option for those looking to cut their power bills overall.
It’s also worth mentioning that the Energy Tax Act, effective from 1978, 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 currently 26% and helps to pay for your system, substantially. No matter how large or small your system is, you may qualify for a credit for your solar installation.
Time is running out, though. The solar tax credit is going to decline slightly 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.
Solar is an expanding demographic, and you could be reaping the rewards depending on what coverage your home gets. It never hurts to get some estimates! Contact Expert Solar Pros at 757-988-7777 or fill out our form today for a free estimate.
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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.