There are many reasons to get solar, but often the time to get solar is never discussed. Hence, why in this article, we will discuss 4 reasons why the faster you get solar panels the better!
1. Increased cost on electricity bill
With the increase in gas prices, there will be an increase in electricity prices as natural gas is one of the United State’s biggest sources of electricity. Some energy companies are implementing plans to increase electricity prices, like Florida Light & Power, in attempts to build more solar farms.
While the United States is pushing for more solar energy to help reduce pollution and greenhouse gas emissions and more. The solar projects that are planned to help renewable energy will take some time, hence an individual can help with solar energy by obtaining solar panels for themselves.
2. Solar incentives are reducing by the year
As of 2021, the federal solar tax credit is sitting at 26%, although this number is decreasing every year with plans to expire in 2024. This can be avoided if Congress decides to continue the federal solar tax pass 2024, but by that time the federal solar tax might be sitting around 18%.
A possible argument against solar incentives, especially the federal solar tax credit is the price of solar panels reducing each passing year. Which will allow for more saving on top of any improvements that have been added to solar panels since. Not to mention, the most effective solar panels sit at most 20%. Plus, we are constantly improving the effectiveness of solar panels. So if one were aiming for better quality and inexpensive solar panels, then one would need the patience for the improvement of solar panels over time.
3. The faster you get solar the faster you can get benefits from solar
The improvement of solar panels isn’t the only thing that is very time-consuming, solar panels take time in order to get a return on investment. Research has estimated that homeowners see a return on investment in 5 to 10 years after solar panels are installed. Not to mention, homeowners stay in their homes on average for about 13 years, so there is only so much time one can wait to get solar.
Not to mention, the faster you switch to solar, the faster you can save from paying your electricity bill. When you switch to solar energy, most of the energy will now be generated from the sun, so even if you are connected to the electricity grid, you can still save money rather than being completely reliant on the grid. Plus the monthly fees for the solar panel installation will be lower than the average electricity bill, most of the time.
4. Competition in the solar industry is contributing to the low prices of solar panels
With the aid of government incentives for solar energy, the solar industry has been growing bigger each passing year. This means there is growing competition within the solar industry, and with competition comes lower prices for quality goods and services for consumers. For the industry, this means there will be more jobs within the solar industry and with the recent push for more solar energy, it would be beneficial to pursue an eco-friendly career. The Bureau of Labor Statistics has reported that solar photovoltaic installers alone are expected to grow 50% in the next 10 years.
Although, SEIA has reported that prices are expected to increase in 2022. This is due to supply shipping challenges making it harder and expensive to obtain solar materials. Regardless, the report states that some projects may be affected by this, so it may only result in a small increase in prices. In the end, the report might not be something to be too concerned with from the consumer perspective, since residential solar is relatively small. To the solar business side, it may come into effect, since it would affect trying to get solar materials for projects.
Thank you for taking the time to read this article. If you are interested in getting solar panel installations today, please contact us!