Last year, the United States saw a record-breaking quarter for the solar market with a capacity of 5.4 gigawatts-direct current installed. If you’re considering installing solar panels at home, now is the time to do it.
Not only can you help the environment, but you can also take advantage of incentives and tax credits that can save you money.
Ready to learn more? Discover how installing solar panels could be one of the best financial decisions you make.
- Rebates and Federal Tax Credits
Homeowners interested in installing solar panels will be delighted to learn that there are many rebates and tax credits out there.
One of the most popular is the federal residential solar energy credit. You can claim this tax credit on your federal taxes to get a percentage of what you paid back.
To qualify, systems must be placed in service during the tax year. Also, they need to be used to generate electricity for a home within the US.
As of this article, the ITC has been extended to provide a 26% tax credit for systems installed through 2022. Systems installed in 2023 will receive a 22% tax credit.
There are also state and local rebates that homeowners can look for to save even more when going solar.
- Save on Energy Bills
Climbing utility bills can prove to be a financial burden for many homeowners in the US. If your monthly utility bills seem high, installing solar panels can be the solution.
Solar power can help you reduce your energy costs as you’ll rely less on the power grid. Power grids can often see spikes for various reasons, which can also spike your utility bill.
Make sure you get the right size solar panels and mount them in the right place to maximize their exposure to the sun. Learn more about the value of solar to determine if it’s a worthy investment for you.
- Smaller Impact on the Environment
One of the biggest benefits of solar energy is that it has a smaller impact on the environment. Traditional sources of power can create greenhouse gasses, toxic waste, and pollution, all of which have a massive effect on our earth.
Greenhouse gasses, such as carbon dioxide, enter the atmosphere when we burn fossil fuels. CO2 constitutes 80% of greenhouse gas emissions.
Human activities, such as burning fossil fuels for energy, transportation, and industrial processes, all contribute to this percentage. Reducing our reliance on fossil fuels and switching to solar power energy can help reduce our emissions.
Experience the Benefits of Installing Solar Panels
As you can see, there are many benefits to installing solar panels. These are only a few of the advantages you could see if you make the switch to solar.
The sooner you choose to install solar panels on your home, the more benefits you can see. Currently, the ITC expires in 2024 unless Congress chooses to renew it.
If you want to make greener choices and protect the planet, don’t stop here. There’s a lot you can do, so check out some of our other posts to learn more.