There is no question that adoption of home solar panels has been skyrocketing in the past few years. A combination of plummeting cost to produce the panels, an increase in the number of financing and lease options, and government subsidies in the form of tax credits, has created a massive surge in solar demand from homeowners across the country.
With solar panel costs down 75% and efficiency up by half, solar energy is less expensive than it ever has been. With the government tax credit incentives set to expire next year, this is the perfect time to get solar panels on your home.
History shows that electricity prices only go up over time because utility companies do not have any interest in or need to reduce prices, even when their costs are lower reduce prices, even when their costs are lower.
Many solar programs will allow you to “lock in” your cost to purchase energy, not to mention the ability to sell excess energy generated by the panels back to the utility companies!
With solar companies offering more leases and loan options, and solar more affordable than ever, there is no surprise that it is now the fastest growing power source in the country.
However, it is also clear that solar is disproportionally benefitting wealthier households. According to the George Washington University Solar Institute, less than 5 percent of households with solar are earning $40,000 or less in yearly income. President Obama is trying to change that.
The recent initiative triples the target for solar on federally subsidized housing, and the White House also announced more than $520 million in commitments from private companies, investors, NGOs, and state and local governments to pay for energy efficiency and solar projects for low-income households.
Many homeowners also do not realize that the incentives created by the Energy Policy Act of 2005, which have made solar especially affordable for homeowners in the last few years, are set to expire in 2016. We’d recommend you look into taking advantage of these massive credits before they are gone.
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