Solar panels are a clean, cost-effective solution for generating energy from essentially nothing, saving you money on your energy bill while also reducing pollution and helping the planet. However, they do represent a major investment, and most homeowners are looking for the best way to minimize those costs. (For quick estimates from installers local to you and an easy way to compare quotes, visit EnergySage.)
The federal government offers incentives for homeowners who install solar panels and other clean energy technologies, but many of those incentives are going away at the end of the year. So, is this the best time to get solar panels? The YouTube channel Solartime with Martyna (@solartimeusa) broke down the issue in a recent video.
Martyna outlines the 30% tax credit with an example: In Texas, a typical system costs $30,000, but the discount reduces the price to $21,000.
"That sounds amazing, but on the other hand, we have to be honest — brutally honest here," she says. "Today, prices are heavily inflated; financing costs are high due to the high interest rates; the prices of panels, inverters, and batteries are also high because the demand is enormous … Labor prices have also gone up. So in practice, this means that today, you're paying more than what you would under normal conditions."
In fact, some homeowners might actually pay less if they wait until next year when the demand is lower, even without federal incentives — but it's not a sure thing.
Ultimately, this expert suggested that if you have the choice to complete installation before the end of the year or wait until next year, your choice should come down to your energy usage and the size of the system you plan to install.
Smaller systems filling smaller energy needs mean that there is a smaller benefit to rushing to get the federal tax credit, and you can afford to take a gamble on possibly seeing lower prices next year.
If your bills are high and you want to install a large solar system, however, you stand to benefit more from the tax credit, not to mention the extra year of having solar panels to reduce your energy bills. It's important to research and make sure that the plan you choose fits your situation.
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. |
With the help of EnergySage, you can access incredible savings on your solar panel installation. The average homeowner who uses EnergySage's free tools saves up to $10,000 on their purchase. Its state-by-state mapping tool is helpful for learning what the cost of solar is in your region and which rebates are available.
If you don't have the cash on hand to invest in your own solar panels, leasing is an excellent option to still reduce pollution and avoid fluctuating energy prices. The LightReach solar leasing program from Palmetto allows you to install solar panels on your home for no money down, locking in a low energy rate for years to come.
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Does losing solar tax incentives impact whether or not you'll add panels to your home?
Click your choice to see results and speak your mind. |
Absolutely 😞 To make the most of your energy savings, you should also upgrade your other electric appliances when you add solar panels. An energy-efficient heat pump will help lower your utility bills even further. Mitsubishi is the key to finding the right installer and a heat pump that fits your home and your budget.
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