Completed installation of a solar rooftop in Memphis

An Increasing Amount of People Are Going Solar Each Year

In the early 2000’s, using solar power was often seen as something only millionaires were able to do. In less than two decades, that has completely changed. In the year 2000, the cost per watt for solar panels was about $10. These days, it’s reduced to $2 to $3. Solar panel efficiency has also increased. In 2012, the greatest efficiency was a little over 17 percent. Five years later in 2017, researchers created a prototype cell which could reach a little over 44 percent efficiency. The intrigue of clean energy such as solar, has led to many local governments, states, and even electricity providers providing financial incentives designed to help more homeowners and business owners invest in solar systems.

industrial solar panels

This increasing trend of folks using solar is having a significant effect on the general electrical production for the United States, as well. Renewable energy, in 2010,  accounted for fewer than 5 percent of the electrical production for the U.S. Nowadays, less than a decade later, it is nearly 15 percent. Plus, utility-scale generation alone is predicted to increase by an additional 17 percent in 2020. Most utility providers who traditionally utilized fossil fuels are now changing over to renewable, clean energy due to the sizable financial savings they’ll bring. Renewable industries such as the solar sector aren’t just booming in the United States. One Bloomberg report claims that by 2050, it is predicted that 50 percent of electricity produced worldwide will come from renewable sources like solar.

It is estimated that the United States will be producing its share of that 50 percent. Currently, 37 states possess renewable portfolio goals or standards for its electricity providers to meet. Thirty-eight states possess net metering, or likewise programs. And it is expected that by the year 2025, state standards are going to support 103GW of renewable energy. By going solar, owners of homes will have the ability to save cash and reduce their utility bill, instead of worrying about increasing electricity rates because of the rising price of fossil fuels. Want to learn more about options involved in changing over to clean, green solar power? Call us at Tri-State Electrical Contractors today!

Ground mounted solar power installation in Atlanta

The Twenty Six Percent Federal Solar Tax Credit

Technological advancements and rapidly growing interest are giving way to solar panels that are more efficient and less expensive. They are an excellent investment, whether you need them for your business, or your home. However, like with any investment, you want to ensure you are receiving the perfect deal for the perfect price. If you are searching for an incentive to try solar, search no further than the twenty six percent Federal Solar Investment Tax Credit.

Ground mounted solar power installation in Atlanta

This credit, also referred to as the Federal Solar Tax Credit, or ITC, is an incentive that is available to everyone. Whether you are a homeowner, operate a small business, or operate a large corporation, it is possible to take advantage of the incentive. Here’s how it works:

As you invest in solar panels, it’s possible to utilize the Federal Solar Tax Credit to receive 26 percent of the overall expense of the system back in tax credits. This means that more than 1/4 of the price is decreased from the beginning. Plus, if you do not use all of your tax credits in the first year, do not be concerned- they will simply roll directly on over to the next.

Therefore, if you invested in a $20,000 solar panel system, which includes installation, you would receive $5,200 back in tax credits. It would decrease the price of your solar panels to $14,800. Plus, with other potential local and state incentives, you could further decrease the price of your system.

The 26% Federal Solar Tax Credit is an excellent method of getting solar panels for an outstanding cost. But, if you want to take advantage of that incentive and change to solar, you will need to act rapidly. The twenty six percent credit is only available until the end of 2020. Beginning Jan. 1, 2021, the credit will decrease to twenty two percent. Plus, in 2022, it will be fully unavailable for homes. If you would like to talk with someone about solar integration, contact our team at Tri-State Electrical Contractors.