why 2019 is the best year to go solar

why 2019 is the best year to go solar

It’s always a good time to go solar, but there are a few reasons why 2019 is the best time to take the plunge:

Federal Tax Step-Down

The federal tax credit for installing residential (or commercial) solar arrays in 2019 is 30%. That means when you begin construction on a solar project in 2019, you are eligible to receive a dollar-for-dollar reduction on your personal income tax equal to 30% of the cost of your solar installation.

However, the government is reducing solar tax benefits to 26% in 2020, and the residential solar tax benefit will be completely eliminated by 2022.

In short, going solar in 2019 instead of 2020 will save you $1,000 (on an average purchase price of $25,000). And going solar in 2019 will save you $7,500 versus waiting the 3 years until we reach 2022.

Make An Extra $60,000

Let’s say you take that $1,000 and invest it now. Then, every month, you invest the $80 you’re saving on your electrical bill. Assuming the average 8% rate of return, you’ll wind up with a whopping $83,422 over the course of your panels’ 25-year warranty! Sure, $24,000 of that is the money you contributed, but the remaining $58,422 is interest gains. That’s a lot of money that you otherwise wouldn’t have.

Save the World

Given the recent news that one million species are on the brink of extinction, it’s crucial that humankind switch to clean energy sources as soon as possible. The United Nations report urgently calls for decarbonization and eliminating dependence on fossil fuels. By switching to solar now, you’ll be doing your part to save the planet.

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