There are a lot of good reasons to go solar. Many Bay Area homeowners have a solar system installed to protect themselves and their families against rising energy rates. While it is difficult to forecast exactly how much electricity costs will rise, or how quickly, one thing is certain – they will go up. Conversely, an investment in a solar system not only decreases or even entirely eliminate monthly electricity costs, it can also increase the property value of a home. A third and very important financial incentive is the federal government’s generous solar energy tax credit.
The solar energy tax credit allows a homeowner to reduce the amount of income tax that they would otherwise have to pay the federal government. This credit is good for 30 percent of homeowner’s investment in their solar system, including solar panels, a charge converter, battery, and inverter, but only for the next three years. The credit will drop to 26 percent in 2020, and 22 percent in 2023. After 2023, the solar energy tax credit for residential customers will be eliminated entirely. While there is a chance the credit could be extended, many homeowners considering solar are planning to install their systems within the next few years to take advantage of the credit.
In addition to the financial benefits of the solar energy tax credit, many people choose to go solar because they feel solar energy is a more environmentally responsible solution. Solar energy is both sustainable and renewable. Solar energy provides a zero-emission way to power homes and appliances, heat water, and refuel electric vehicles. The more popular and widespread that rooftop solar panels become, the more they reduce the load on coal-burning power plants.
With buildings accounting for 38 percent of all carbon emissions in the U.S., going solar can significantly decrease our carbon footprint. A typical residential solar panel system will eliminate three to four tons of carbon emissions each year—the equivalent of planting over 100 trees annually. Going solar is not only a great way to go green, but taking advantage of the solar energy tax credit — before it expires — is a great way to save some green.
To find out how much you can save with solar click here for a solar free quote.