dateline — Since 2010, not only has solar panel efficiency drastically increased due to advances in photovoltaic technology, but it's become more affordable than ever before. According to the Solar Energy Industries Association (SEIA), the cost to install solar has dropped by more the 70% since 2010. This drop is due in part to the extensive rebates and tax credits offered at the state and local level.
As part of the Bipartisan Budget Act signed in February 2018, many of the residential tax credits that had expired in 2016 were renewed, meaning homeowners now have more ways to recoup their installation costs. Additionally, investing in solar energy can help provide jobs for your local economy and improve the nation's energy independence as well.
The popularity of clean and renewable energy has increased due to solar panel efficiency and more affordable installation costs. The coming year, the number of solar installations in the U.S. is expected to reach 2 million, and that number is expected to double by 2023.
Federal and state benefits and rebates can help homeowners easily offset installation costs and see a quicker return on investment. State and federal solar advantages range from rebates on appliances and components to tax credits for installation costs.
More about federal income tax credits and other incentives can be found on the government's energy star website. They also have a rebate finder to help you locate state-sponsored incentives. Another helpful database for locating federal and local credits, rebates, and savings is the www.energy.gov website, which offers a state-by-state breakdown listing what's available to homeowners in 2019.
In a recent study, the SEIA found that the installation costs for an average-sized residential system had dropped from more than $40,000 per system to a little over $17,000. This means that it's a great time to take advantage of solar panel efficiency and cut down on your utility costs.
Contact Zenernet to learn about your state's solar power benefits.
Zenernet can ensure you receive all of your federal and state benefits when installing a new solar power system. To learn more about the process call them today at (833) 363-7936 or visit their website at www.zenernet.com.