New Year, new me, new reasons to go solar. Okay, so we’re a couple of months into 2019 now, but as the days get that bit longer and the sun begins to spend some more time in the sky, let’s take a look at some of the biggest reasons to go solar in 2019. The industry is thriving and continuing to grow, with investment and research leading to new developments all the time. As the technology advances, so will the efficiency of solar energy production.
# 1 - Last Year for 30% Tax Credit
Okay, so currently the federal solar tax credit, or investment tax credit (ITC), allows for a 30% deduction of the cost of solar system installation from your federal taxes. For a lot of new solar customers over the past few years, residential or commercial, this tax credit has been a huge factor in their decision to go solar. Unfortunately, 2019 is the last year where the full 30% deduction will apply. In 2020, it will go down to 26%. In 2021, its down ever further to 22%. Then, once we get to 2022, it’s down to a mere 10% - ONLY for commercial systems. That is to say, that once we hit 2022, there is no federal solar tax credit for residential solar systems.
The ITC has led to huge savings on solar system installation down through the years and 2019 is the last chance for potential solar system owners to take full advantage of this. Though it’s possible that the solar market will change to reflect the absence of the federal solar tax credit, it’s also very likely that any financial changes to the market could take years to come into play. As things stand, 2019 is the best time to go solar for the foreseeable future.
#2 - Rising Electricity Costs
Perhaps the biggest draw for most solar consumers is the impact that going solar has on their electricity bill. Utilities can be a huge expense for homeowners and businesses alike and going solar is one of the best ways to offset those bills. A solar system can often offset 100% of your electric bill, and even if it doesn’t quite hit 100%, you’ll still see a massive reduction in your utility bills at the end of each month. In addition, utility costs have been steadily rising and have seen an increase even between 2018 and 2019, so investing in solar can be a great way to safeguard yourself against the whims of the market when it comes to electricity costs. Simply put, if you want to save money in 2019, solar is a great avenue to explore.
#3 - Increased Property Value
In a financial sense, the benefits of solar range far beyond the reduced cost of your monthly utilities bill. The addition of a solar system to your home or business can go a long way to increasing your future financial prospects as well. While some may worry that adding a solar panel array could make for a difficult property sale in the future, it’s actually been shown that solar panels increase the value of a property. Not only is the value of the property increased, but the property is actually likely to sell much quicker once it goes on the market.
#4 - Help the Environment
Climate change has been a much-discussed issue for years and years now, but in 2019 it feels like the conversation has become a bit more urgent, with many political leaders gearing up to focus campaigns on progressive environmental legislation, and others pushing back against climate change warnings. Whatever legislation may or may not come into effect, it’s clear that taking a greener approach to your own energy consumption is massively beneficial in an environmental sense. Solar is one of the easiest, most financially viable sources of renewable energy and it can really benefit your home or business, while helping the environment at the same time.
By Shane Croghan