When Should You Install Solar Panels?
Updated: Feb 9
The average household pays off its solar system in about 10 years. Imagine how much money you would have saved if you’d installed solar panels when they hit the market back in 2005. By now, you probably would have paid off your entire investment in energy cost savings. You wouldn’t have had to put up with utility companies raising their fees all these years, and you wouldn’t be contributing to the amount of carbon dioxide in the air.
It’s never too late to invest in solar energy. Don’t wait for it to get “cheaper” – the time for solar is now.
Time Is Ticking – Solar Tax Credit Ends 2023
The solar Investment Tax Credit offers an incredible financial opportunity to anyone wanting to purchase solar panels in the next four years. The longer you wait, however, the smaller your incentive will be. From today through 2019, purchasers can receive a 30 percent federal tax credit on the total cost of the system. Simply apply the tax credit to your personal or business income taxes and you’ll receive the 30 percent credit. After 2019, this credit will shrink exponentially:
2020: 26 percent tax credit
2021: 22 percent tax credit
2023: 0 percent residential credit, 10 percent commercial credit
The 10 percent commercial credit will be permanent, but after 2023, homeowners may no longer be able to file for the tax credit on solar energy investments – unless another deadline extension passes into law before then. If you’re waiting to get a better deal on solar energy, you could end up missing out on a major tax credit. Delaying your investment can ultimately cost you more money. There are also several statewide solar tax incentives you can take advantage of, but only for a limited time. Tax perks have strict deadlines you don’t want to miss.
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Waiting for Top Technology? It’s Already Here
It’s understandable and even wise to wait out a new tech trend until the creators have worked out all the kinks. After all, the first iPhone had its fair share of glitches and issues. It’s often a smart idea to wait until other people have tried and tested new tech trends. If this is what’s stopped you from investing in solar, it’s time to jump onboard. Solar panel technology has come a long way in the last decade, becoming slimmer, more efficient, and more affordable. There are two types of solar technologies: photovoltaics (PV) and concentrated solar power (CSP). PV is what solar panels use to turn sunlight into electric power.
Advances in PV solar technologies debuted almost every week in 2016. PV solar systems have seen incredible milestones in energy storage and design. It’s 2017, and emerging panel technologies are groundbreaking. From wearable devices to solar-powered roads, it’s amazing what the industry is coming up with. In terms of household and commercial solar panels, however, not much has changed in the last year. Invest now, and you’ll purchase the very best of this type of technology on the market.
What Time of Year Is Prime for New Solar Installations?
You might be sold on the idea of installing solar panels, but you just aren’t sure what time of year to pay for installation. With the right team of installers, there’s no “wrong time” to invest in solar energy.
That being said, if there are bad storms in your area, you may need to wait until better conditions for installers to come to your property. Installers will be able to inspect your property, give you a price quote, and arrange a schedule to complete the project. If you live in a part of the country that sees a lot of snow, your installers may need to wait until your roof is free from precipitation. Speak to installers in your area for a more accurate idea of when to schedule your installation.
Can’t Afford an Upfront Purchase? Get a Solar Financing Plan
The majority of people who have procrastinated making the change to solar energy cite cost as the main reason for the delay. Solar systems can be significant cost investments initially, but you don’t necessarily have to afford it in one lump sum. Most people don’t have cash on hand for an upfront purchase. Instead, find a supplier that offers a flexible solar financing option. Some even offer $0 down if you can’t afford a down payment. Waiting for the perfect payment plan can be a great way to make your new solar system more affordable.
The Takeaway – There’s No Time Like the Present
Solar is the energy of the future, and it will no doubt transform your household or business’s electricity usage. Waiting on your solar system investment can mean missing energy savings and other benefits you could have reaped for the last several years. Not to mention you’ll have the ongoing costs of your non-solar electricity bills until you switch to solar. Don’t wait a moment longer to find out about solar energy.