Financial success doesn’t happen by accident — it takes planning and foresight. When it comes to determining how solar will fit into that equation for you and your home in 2020 three compelling reasons are encouraging many to make the switch before the earth completes yet another migration around the sun.
1. The Federal Solar Investment Tax Credit
If you’ve considered going solar over the last few years, you’ve no doubt come across the most lucrative environmental subsidy in America’s history, the Federal Solar Investment Tax Credit, or ITC for short. 2019 to 2020 saw the credit step down from 30% to 26%, causing a sudden rush of homeowners looking to lock in the rate before the year’s end. The same pattern will repeat again this year, with the ITC dropping another four points to 22%. The average homeowner stands to lose approximately $1200 by procrastinating another year to make the change.
2. Increasing Electricity Rates
Lost money in the form of a federal tax incentive isn’t the only financial motivation putting pressure on homeowners to install solar. Since 2008, the average electricity bill has increased by 29%. In some states, rates are rising fast as 2-6% per year, with utility companies passing on the costs of repairing their outdated grids and lawsuits onto the customer. The best way to ensure your utility spending remains consistent is by generating your power with solar.
To partially quote the famous 1967 film The Graduate, “I want to say one word to you. Just one word…are you listening?”
Solar plus storage is gearing up to be the biggest game-changer and influential factor in the coming years. In states where net-metering is coming under attack, the ability for a homeowner to better store the power he/she generates for later use is finally coming into fruition. Add to this that some states are offering additional incentives to offset the costs of renewable batteries, and you’ve got yourself a winning combination.
4. Added Bonus
Installing solar is now cheaper than ever, with the installation cost dropping over 70% since the last decade. Companies such as Planet Plan Sets have streamlined the process of getting municipal approval and government subsidies, making the project more effortless than ever as well. When you consider that utility bills are all but guaranteed to rise year after year, the 10 to 20-year investment in a solar system for a home has an ROI that easily outperforms keeping the money in a traditional savings account. It helps home equity and keeps monthly energy costs predictable.
The question for many homeowners as they head into the new year is how much they stand to lose in the coming year (and decade) if they don’t make the switch to solar soon.
Curious about how much you could potentially save over the next 20 years if you switch to solar in 2020? Call Go Green Solar at (866) 798-4435 to find out.