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
Free Site Assessment
