Do you want to cut your monthly electricity bill and save hundreds of dollars? You can when you install PV panels on your home! A lot of homeowners are interested in making the switch to solar energy, but believe they should wait for the cost to continue to fall and solar technologies to become more refined. However, there a few important reasons why you should not wait to make the switch to solar power…
Power Prices will Continue to Rise
The cost of power will only continue to rise though the rate of increase will vary state by state and even by provider within the state. The Energy Information Administration reported that they expect around a 4-5% spike in grid utility prices each year. When you install a solar power system you will be locked in at lower rates that will never go up. So not only will you be generating your own clean energy, but each year thereafter you will save an additional 4-5% for the life of your system. Once you go solar, you can rest easy knowing you will not be affected by rising energy prices.
Solar Tax Credits will not be around Forever
Federal solar tax credits have been available for ten years now. Since 2006 many homeowners have benefited from the 30% federal solar tax credit that makes solar panel installation more economically enticing and affordable. The 30% tax credit was originally going to be reduced to 10% for commercial projects and eliminated completely for residential projects. Luckily, Congress voted to extend the federal solar tax credit past December 31, 2016 which was when it was to be terminated. We cannot predict how long the federal government will offer the tax credit so it is best to act now when it is still available!
Solar PV Panels Increase Home Value
Did you know that installing solar panels will increase your home’s value? Recent research conducted by Lawrence Berkeley Labs proved that having a purchased solar energy system on your home increases the value of your house more than almost any other home improvement investment. The substantial return adds up to more than the initial cost of the solar system itself.
If you go solar before the solar investment tax credit expires, you will get even more out of your investment when it comes times to sell your home. The additional premium to your home value has the potential to offset the added solar panel cost entirely.
Further Price Cuts are Not Worth the Wait
Solar panel prices have dropped tremendously in the last couple of years. Solar PV Panels cost half of what they were eight years ago and 100 times lower than they were in 1978! You may be thinking, given the constant reduction in cost, solar panels will only continue to lower in price. However, this is not the case. PV solar prices have begun to flatline. In addition, demand for photovoltaic panels has gained considerable momentum and costs will likely rise to meet that demand.
Now is the best time to go solar! Palmetto Solar makes going solar easy and stress free with no money down financing. Call, email or schedule an in home consultation with one of our experienced solar specialists. We will take care of all the details and walk you step by step through the process. If you are ready to install PV solar panels on you home, please get in touch today (855) 339-1831.