Solar technology continues to make progress in leaps and bounds. Far from the novelty it once was, it is now a viable and efficient way to power your home. You can even take your home completely off the power grid, if you want to install enough solar panels to power it. If you’ve been on the fence about whether or not to invest in solar panels for your home, you should take the leap and do it now. We’re in an ideal season for investing in solar panel systems. Read on to find out why.
The state of California, along with the federal government, has been trying to increase private investment in solar technology for quite a while. Since 2008, solar tax credits have been available for investing in renewable energy technologies. Currently, the tax credits are in effect through the end of 2021. It is uncertain if they will be extended past that point, which means it’s a good idea to take advantage of them while you can. The Solar Investment Tax Credit (ITC) includes a 30% rebate for solar systems installed through the end of 2019. After that the rate drops to 26% in 2020, and 20% in 2021. So, even though you technically have a few years before the credits expire, you’ll save a lot more money if you install new solar systems now rather than later.
Changes in Energy Buybacks
Solar technology has been a victim of its own success, in some ways. Programs in California over the last few years have allowed homeowners to “sell” excess energy back to their power utility. The idea being that if homeowners could make a bit of money off their solar energy systems, more people would invest in it. This worked wonders, but it also put a dent in the financial earnings of companies like Edison. Under pressure from the power companies, the California Energy Commission began dialing back the amount of energy homeowners were allowed to sell back to the power utilities a few years ago.
It is unlikely that the energy buyback program will completely disappear. However, if you want to make the most out of it you should do so sooner rather than later. You can pay significantly less in energy costs by installing a solar energy system, even if you don’t want to install enough to completely take your home off the grid.
Solar Technology is Improving
As global motivation to invest in alternative energy rises, solar technology will only continue to improve. As it becomes more efficient and more widespread, it will also get quite a bit cheaper. Even now, solar technology is significantly cheaper and more effective than it was a decade ago. Invest in it now, and we promise you’ll never want to go back to relying solely on the power you get from your local utility.