Solar Power has been around for quite some time now and you’ve likely been seeing more and more panels mounted on roofs throughout your neighborhood. They’re becoming more common in shopping centers, universities, health care facilities, and even in fields or on top of parking carports. This isn’t just a passing fad either, solar power is extremely efficient and beneficial, and it’s becoming more accessible too.
You may be thinking, “that’s great and all, but why should I make such a substantial investment to my property right now?” You may even think it’s too expensive, time consuming, or not worth the hassle. That certainly was the case years ago after all.
But not anymore.
Now, many of those barriers to entry have been removed entirely, making the investment into solar power more lucrative than ever. You can not only achieve real ROI but may other benefits along the way too.
Here are just some of the reasons why the best time for you to go solar is right now.
There are plenty of incentives.
The Federal Investment Tax Credit (FITC) is currently at 26%. This applies to the total size of the project. For a project that is $100,000, there is a $26,000 tax credit. There is no limit.
The Modified Accelerated Cost Recovery System (MACRS) allows for depreciation of the system in year one in the amount of 100% - ½ of FITC.
North Carolina offers the Property Tax Abatement for Solar Electric Systems, which means that 80% of the assessed value of the solar system is not taxable. So, in the example of the $100,000 system, only $20,000 will be added to the property tax value.
Check out resources like the Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics | Department of Energy and Database of State Incentives for Renewables & Efficiency® - DSIRE (dsireusa.org) to dive deeper into specific incentives that would be relevant for you.
Save money long term.
Being able to offset or not have to pay power bills because you’re able to generate energy ongoingly is a major win and doesn’t require much explanation.
More options to cover and offset the expenses.
While cash is always king for any home improvement, there are plenty of financing options for solar installation and equipment.
For example, you can do one of the following:
Home Equity Line of Credit or HELOC. These are the cheapest and most flexible loans you'll ever get (except when Uncle Dave loaned you that $30 - and you never paid him back!). You can talk to a banker and they may, depending on credit and how much equity you have in your home, give you a low interest rate loan, with that equity as collateral. They are typically more flexible repayment than a traditional loan, have lower origination fees and interest rates.
Traditional Loan – call your banker as these come with wildly different sizes, terms, rates, and covenants.
3rd Party Financing. This is the far most common way people choose to finance their solar systems. There are multiple options for which company to finance through and a variety of different terms and interest rates. Make sure to get the best terms.
Independence – get off the grid!
Well in most cases you won’t technically off the grid, but it’s certainly a start at least. Each state has different rules with respect to how solar power interacts with their existing power companies so make sure you’re aware of the specific rules relevant to you.
Advocate and incorporate more sustainable and renewable energy sources.
Regardless of what your thoughts are on climate change the idea of using energy that is abundant, endless, and efficient is compelling and just obvious, right?
These are just some of the reasons why it’s worth investing in solar power now for your home, business, or property. The costs for hardware and installation being more affordable than ever help even more. If you’re interested in learning more about how solar can impact you and your situation make sure to reach out to us at Direct Power Pros and we’d be happy to walk you through it with respect to your own specific situation.