Installing solar panels is something many homeowners dream of being able to do, but don’t expect to ever be able to accomplish. Common misconceptions about things like financing and necessary climate conditions keep environmentally-conscious homeowners from pursuing solar panel installation. The truth is that powering your home with solar energy is probably way more accessible than you think—here’s why.
The Cost of Solar Panels Has Gone Down
While it’s true that in the past, the exorbitant expense of purchasing and installing solar panels on your roof made solar power a luxury reserved only for the wealthy, that’s no longer the case. Despite the fact that the cost of solar panels has gone down by as much as 70% in the last decade, many people still think of solar panels as much more expensive than they really are. In reality, a solar system that would have cost $40,000 as recently as 2010 came in at $18,000 in 2020. $18,000 is, of course, still very expensive, but not all systems cost that much. Depending on the type of solar panels you choose, the cost can be lower, such as with thin film solar panels.
There are Solar Financing Assistance Programs
Even if your home’s energy needs require an $18,000 system, it’s very likely that you won’t have to pay that full amount thanks to the various solar financing options and incentive programs that exist on federal, state, and local levels. The federal ITC offers a 26% tax credit to homeowners who install solar panels; that means that whatever you pay for your solar panels, the federal government will pay you back for 26% of the cost. For an $18,000 system, that means you get $4,680 back.
States and cities throughout the United States also have their own programs, such as the City of Philadelphia Solar Rebate or the High Performance Dwelling Property Tax Credit in Maryland. Additionally, there are a number of private sector companies and organizations that offer solar financing assistance to low and middle income homeowners. Your local solar company will be able to help you navigate the various assistance programs that are available to you.
You Don’t Have to Live in the Sunshine State
A common misconception about solar panels is that they’re only worthwhile for homeowners in sunny states like Florida, Arizona, or Hawaii. In fact, some types of solar panels are less efficient at producing energy in extreme heat conditions. While not every locale is an ideal locale for solar energy, far more places are viable candidates for solar than you might think. Even wintry Northeastern states like New Jersey, New York, and Pennsylvania have thriving solar industries. Residents in these and other less obvious states can still achieve substantial energy savings and make a positive environmental impact by installing solar systems in their homes.
There are Solar Experts Available to Help
At Bright Eye Solar, we offer energy audits that allow homeowners to determine the best ways to make their homes more energy efficient for financial and ecological savings. We’ll tell you honestly whether your home is a good candidate for solar energy and provide you with recommendations to help you achieve energy savings regardless of whether you ultimately switch to solar or not. To learn more about how we can help you access solar energy and achieve optimal energy efficiency, you can contact our team today.