There is no way of truly knowing the perfect time to do anything. The only real way to make a logical decision is to use the knowledge you have available to you. However, why is now the perfect time to go solar? We’ve come up with our top 3 reasons to go solar now:
- Solar technology is the best it has ever been
- The 30% tax credit is only available until 2020
- High energy rate – these days utilities like PG&E are drastically increasing the cost of electricity.
Advances in solar panel efficiency and output have skyrocketed! As times goes on, there will continue to be new developments in solar technology. Large corporations like Tesla, for example, have even tried developing the next solar shingles. Additionally, other local solar companies are offering industry-leading panels, but what does that mean for you?
This means that the panels you put on your home will now have the most output the industry has ever seen. Over the years we have seen solar panels continue to reach higher wattages. For example, this year Silfab will be releasing a solar panel with a maximum output of 380 watts! These panels vastly outproduce the average solar panels, which are usually around 250 to 265 watts.
Panels are now producing more energy and have also become more efficient. Counter to contrary belief, solar panels do not actually convert 100% of the sunlight they receive. In fact, most panels will only convert about 16 to 20 percent. Today, we are seeing panels that produce more than 20%! In fact, any panel with an efficiency rating above 20% is considered above industry standards.
Even though these panels are more efficient with higher outputs, they continue to become drastically more affordable! Solar panels were once thought of as a luxury item that only the rich could afford. Now, truly anyone can afford them. With numerous payment options, you can easily pay the cost of a system off within a few short years, leaving you with free energy production. Homeowners see immediate savings on electricity bills and can even eliminate them all together!
While solar technology continues to advance, it isn’t a reason to wait. In fact, you can take advantage of the solar incentives that are currently being offered.
California, as well as the Federal Government, encourage homeowners like you to switch to clean solar energy. The state and the federal government have made solar more appealing by offering incentives.
The federal government currently offers an Investment Tax Credit of 30%. This means you will receive 30% of the cost of your system from the federal government when you go solar. For example, if your system costs $20,000, the federal government will pay you $6,000 dollars, in the form of a tax credit. unfortunately, this program decreases at the end of 2019 and will continue decreasing until it vanishes.
California is also one of many states that offer a program known as Net Energy Metering (NEM). This allows you to maximize the payback of your system! Any excess energy that your system produces is sold back to your local energy provider at market rates. During peak hours of production, which are between 3:00 and 8:00 PM, you can sell your excess energy at the highest rates than any other time of the day. Once you start NEM, your these rates are locked in for the next 20 years, this helps prevent rate fluctuations.
Additionally, solar rebates are a prime example of why it’s a good idea to take advantage of solar savings now! When these incentives were first proposed, homeowners took advantage of them for fear that the incentives would run out! Those who have already installed solar reaped the benefits of cash rebates.
Energy Rate Increases
Like the common saying, all good things must come to an end. A movie ticket no longer costs 5 cents, milk is no longer 50 cents a gallon, and a gas is now approaching 4 dollars. The same goes for electricity.
If you were paying around $90 for electricity in 2014, you are now paying approximately $128 for the same usage. That is a 43% increase in electricity rates in only 5 years! PG&E has even admitted to increasing rates on their website!
The rates will also soon increase due to the recent wildfires. PG&E was recently found liable for the Santa Rosa Tubbs fire and have already received approval from California Legislature to increase their rates.
So, what does this mean for you and other PG&E customers? This means your energy are going to continue to rise. Switching to solar can help you avoid rate hikes. Meaning, if you spoke to a solar installer, and they told you that it would take 7 years to see a return, with the increased rates, you could potentially see a return in 3-5 years!
Now is the time to switch!
These are just some of the reasons to switch to solar, although, they are essential reasons. With the knowledge you have now, you can make an educated decision when to go solar. So what are you waiting for? The time to invest is now! Don’t regret not making the investment and benefit from the next technological boom!