(Newswire.net — January 16, 2024) —
As concern about the environment grows, so have opportunities to utilize solar power. Nearly 2 million homes in the United States are now powered by solar energy, according to the Solar Energy Industries Association. If you are thinking of transitioning to renewable energy, now is the best time to do so. There are numerous incentives available for homeowners who choose solar panels for their homes. These can lessen both the installation costs and long-term expenses associated with solar energy.
Federal Solar Tax Credit
The Federal Solar Tax Credit, also known as the Investment Tax Credit (ITC), grants homeowners affordability in solar installations by allowing a substantial reductions in federal taxes. This incentive is applicable for photovoltaic (PV) and solar thermal systems. In 2020, you were able to deduct 26% of your installation costs from your taxes; this percentage decreases gradually each year and will cease after 2022 unless Congress passes an extension.
State and Local Rebates
Different states and local entities also provide their own set of incentives. These may come through direct rebates, tax credits or performance-based incentives (PBIs). These are given based on the amount of electricity that your system produces. It’s important to check with local authorities to see what kind of incentives may be available where you live.
Solar Renewable Energy Certificates (SRECs)
In some states, homeowners can earn Solar Renewable Energy Certificates (SRECs) when they generate surplus solar power. These certificates can then be sold on the SREC market, giving you a little more bang for your buck.
Net Metering
Net metering helps to further trim down costs. With net metering, the excess energy produced by your solar panels feeds back into the grid. Your energy provider offsets this against the energy you consume, so your bill could end up being significantly reduced.
Pace Financing
Property Assessed Clean Energy (PACE) is a means of financing energy efficiency and renewable energy improvements. Through PACE, homeowners can finance their solar system with low-interest loans that are repaid through property taxes over a period of 15 to 20 years.
Solar Leasing
If upfront costs somehow deter you from enjoying solar incentives, you may want to consider solar leasing where you pay a monthly fee to have solar panels installed and maintained on your property.
Solar Power Purchase Agreement
A Solar Power Purchase Agreement (PPA) allows homeowners to reap the benefits of solar energy without actually owning the solar system. A PPA provider bears all installation costs and maintenance while you benefit from lower electricity rates.
Economic Benefits of Solar Energy
Along with reduction in energy bills, solar power adds to property value. Homes equipped with solar panels tend to sell faster and at a higher price, reflecting the economic potential of this renewable resource.
Solar for Renters
Even if you do not own your home, there are ways for you to be part of the renewable energy revolution. Solar gardens or shared solar programs allow multiple individuals to benefit from a single, shared solar array.
Environmental Impact
Choosing solar energy not only benefits your wallet, it also effects positive change on the environment. Solar power is a significant means of reducing a household’s carbon footprint.
Community Solar
Community solar programs allow groups of homeowners to collectively purchase and install solar panels. These can greatly reduce installation costs and make solar energy more accessible to homeowners.
Solar for Non-Profits
If you run a non-profit organization, options like Solar Powering America can assist by providing affordable solar systems, reducing operational costs and ultimately enabling more funds to further your cause.
The Future of Solar
With increasing support from both national and local entities as well as advancements in technology, the future of solar energy is looking increasingly bright. As the technology improves and more incentives become available, you can expect solar power to become an even more affordable and popular choice among homeowners.
Solar Power Myths Debunked
While there may be misconceptions about the reliability and efficiency of solar power, technological advancements and consumer feedback have proven these myths wrong providing the incentive for more homeowners to go solar.
Your Pathway to Solar
Making the move to solar is an investment that will save money and positively impact the environment. With numerous financing options and incentives available, solar is fast becoming an affordable alternative for homeowners.
A Bright Future
Tapping into the possibilities offered by the sun empowers you as a homeowner to lessen your environmental impact, drive down costs, and support innovative green technology. As the industry continues to evolve, so too will the availability and diversity of solar incentives, making the transition to clean energy all the easier.