Solar PV technology and incentives make it way too cheap to pass up!!!
- solar panels
Thanks in large part to the new Federal solar tax credit, homeowners and businesses are able to install solar PV and other systems at a cost that is to cheap to pass up. The federal solar tax credit allow’s for the following:
- A 30 percent tax credit for residential solar and commercial solar installations. Also one of the major benefits is that it extends the credit to off-grid system owners. In the past, on-grid solar systems were the only solar PV equipment that was able to benefit from the full 30-percent tax credit.
- The solar tax credit eliminated the $2,000 monetary cap for residential solar electric installations, creating a true 30-percent credit.
- The solar tax credit can be carried forward to 2016. So once you coupled that with state and local incentives, many solar customers in the US can expect to get anywhere from 50-70% of a system’s cost covered by government and local incentives.
- Depending on the brand and model, most new systems last for 30-50 years. Keep that fact in mind once you consider that many homeowners are seeing a return on investments in a solar PV system within 7-15 years! That means that they make their money back on their solar equipment and installation after 7 years. Lets say for example you spent $25,000 on your system after all of your government and local incentives, after 7 years you have broke even. 7 years after that you have just made/saved (depending how you want to look at it) $25,000. After 14 years you have made/saved $50,000. Most solar PV systems will repay the original investment several times over the life of the system. Not to mention that most companies offer financing for your solar PV systems.
If I told you that if you purchased and installed a solar PV system for you home today for $25,000 and 25 years from now I was going to show up at your door step with a check for $75,000 would you go ahead and purchase one today? Think about what you could do with $75,000? Buy a new car? Pay for your kid’s college tuition? Go on the vacation you always wanted.
In my eyes Solar PV is not a short-term gain, it’s a long-term investment. Your guaranteed to triple your money back over the life of the solar PV system. Your helping our country reduce its dependence on foreign oil and fossil fuels and you are reducing you carbon footprint by the equivalent of taking tens of thousands of cars of the road.
What are you waiting for!!! Invest in your future!!!
Written by: Todd Fox
EcoCompass