In the year 2020, we hear a lot about the benefits of solar energy. Most people would tell you about how good it is for the environment or that you save money in the long run. But are there any other benefits? Lets dive into why you should consider going solar in 2020.
Tax Credit:
In 2019 the tax credit for solar power was set at 30% meaning if your installation cost was $15,000 you can expect $4,500 back. However, in 2020 that percentage went down to 26% so, $3,900 back. In 2021 it will go down to 22%. Buying your own solar panels will save you 4% or $400 in this scenario just for doing it now rather than later. In 2022 we don’t know if this tax credit will be renewed so if you don’t do it by then there is a chance of it going all the way down to 0%.
So how does the tax credit work exactly? Its pretty simple. What ever money you qualify for will be deducted from your federal tax return.
Money Saved Over Time:
As previously stated, we have all heard that you save money in the long run, but how much do you get? And how long will it take for your panels to pay for themselves?
According to Project Sunroof, on average San Diego residence’s Save $40,000 over a 20 year period, which is about $2,000 a month. so after the first year, you’ve saved $6,000 your first year (after your tax credit). 5 years later, your panels have paid for themselves and after that, you have more money in your pocket for you next home project.
Environmental:
Solar power systems derive clean, pure energy from the sun. Installing solar panels on your home decreases use of greenhouse gas emissions and reduces our consumption of fossil fuel. Traditional electricity is sourced from fossil fuels such as coal and natural gas. When fossil fuels are burned to produce electricity, they emit harmful gases that are the primary cause of air pollution and global climate change. Not only are fossil fuels bad for the environment, but they are also a finite resource. Because of this, the price is constantly changing and can increase in a short period of time.
Fossil fuel production requires significant water resources and causes water pollution, solar energy requires little to no water to function.
Here in San Diego the sun is shinning everyday. You may as well harness that power and let it work for you!
It’s Easy:
In 2020, solar power is done easier than it ever has been before! Our project manager can show you himself. Let us come by to give you a quote on solar installation and you can see the savings right there and then!