The cost of solar declines every year. With an increased emphasis on renewable energy, there are many tax incentives and financial benefits that make solar much more affordable for the average homeowner. Many people wonder when the best time to go solar is. Should I wait to go solar? Or do it now? Since there are several financial factors at play, the decision isn’t easy. Here are a few things to consider:
- Upfront system cost
This is the most obvious cost to evaluate in deciding to wait to go solar or purchase now. The average cost has decreased from $52,920 to $18,840 in the past decade. That’s about a $1,500 reduction in price every year. If we assume this trend continues, the future is in the solar industry. Head over to this site to get a free quote on the cost of solar for your home.
- Opportunity cost
Most homeowners only calculate the system cost. However, there are missed benefits in waiting to go solar. Solar systems can be a hefty investment. The reason solar panels are actually worth the extra money is because they produce energy. Energy=money. The longer a system is up and running, the more time it has to amass a savings pool for you. Waiting to go solar is an added year for a system to earn back its initial cost. What would have been saved in waiting could be outweighed by the financial return that could have been received.
- Electricity prices
Solar is a shield against rising solar costs. When the rest of the world’s cost skyrockets, yours stays the exact same. Since you simply package all your energy costs for the rest of your life in one purchase, you have a locked, reliable energy rate indefinitely. If electricity prices in your area are low, going solar may not be the best decision right now. However, if local prices are moderately-priced to high-priced, there are some major benefits of installing panels.
- Financial incentives will be reduced
Econ 101: The higher the demand, the higher the price. The lower the demand, the lower the price. As the popularity of solar increases, financial incentives will decrease. Although there are many incentives, rebates, and credits available to prospective solar owners, we can’t expect them to last forever. The reason these incentives are in place is to encourage the growth of the solar industry. Once it’s reached a greater portion of the market value, we can expect current sales and deductions to taper off.
Tips for Solar Shoppers:
Any large purchase requires careful thought and consideration. Be sure to thoroughly review each potential supplier. The more options weighed, the better chance of finding a great deal on solar. You may also come to find that the large and reputable solar companies have inflated prices. Collecting a wide spectrum of quotes is key in finding exactly what you need. Here’s one place you can start. Contact us for any of your solar needs!