Even though the federal solar tax credit has officially expired, experts at EnergySage say the long-term savings still make solar panels a great investment.
As the energy experts reported, the federal tax credit shaved 30% off the total price of solar energy systems, which undoubtedly made the upfront costs easier to bear. But if you weren't able to take advantage of the incentive, you might not have missed out on too much.
The company's report explained that for the millions of homeowners who owe little on federal income taxes due to deductions, income level, or retirement status, the tax credit wouldn't have been applicable. In addition, renters — who account for over 44 million Americans, according to The Zebra — couldn't claim the credit because it only applied to those who own a home solar system.
Even for homeowners who could have benefited from the savings, investing in solar is still a sound decision, especially since electricity prices continue to rise. Going solar remains one of the best ways to hedge against soaring energy costs and risks of power outages.
Homeowners can use the free EnergySage tools to get quick solar installation estimates and compare quotes. The company has reported that most homeowners can save anywhere between $34,000 and $120,000 on electricity bills over the lifetime of their solar system, which would normally far exceed the value of the tax incentive.
Average consumers who shop with the company are projected to end up breaking even in about 10 years without the 30% tax credit, which still means an excellent return on the investment, considering you'd then get around 15 years of virtually free electricity (based on the company's estimates that systems last at least 25 years — and sometimes up to 40 years).
By shopping through EnergySage's clean energy marketplace, the average homeowner can save around $10,000 on solar purchases and installations. Using the company's free mapping tool, you can view these incentives along with the average cost of a home solar system on a state-by-state basis, ensuring you get the best possible deal.
Adding battery storage to a solar system will not only provide emergency backup power, but can also lower your utility costs and allow you to go off-grid, even in the city. EnergySage can help find the right battery setup by answering a few basic questions about your energy storage needs.
Save $10,000 on solar panels without even sharing your phone number Want to go solar but not sure who to trust? EnergySage has your back with free and transparent quotes from fully vetted providers that can help you save as much as $10k on installation. To get started, just answer a few questions about your home — no phone number required. Within a day or two, EnergySage will email you the best local options for your needs, and their expert advisers can help you compare quotes and pick a winner. |
"Losing the residential solar tax credit was an unexpected shift, but the solar industry is strong enough to adapt," the company experts explained. "Even without federal subsidies, solar remains financially attractive for most homeowners because it eliminates or significantly reduces their increasingly expensive electric bills."
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