With 4 months left in 2024, now is a great time to invest in solar! While the installation and application process may take a couple of months, there is still time to complete your project and claim it for your 2024 tax deduction!
With the rise of inflation in many areas of our lives, it can be difficult to know when the best time to invest your money will be in any given sector. Prices of homes, interest rates, food cost, and utilities have all risen in the last year. If you are curious about when the best time to invest in solar energy may be, you're in luck! As solar panels have become so ubiquitous, the price of materials continues to drop while the technology continues to improve year over year, making now a great time to invest in solar.
Price of Materials are Declining
According to the Office of Energy Efficiency & Renewable Energy (EERE), the cost of PV systems in the United States has dropped dramatically in the last decade. This trend is expected to continue as technology improves and production increases. By wrapping your system into the Federal Tax Credit (of up to 30%), you can save even more on your array.
Electricity Rates are Climbing
While materials for solar arrays are dropping, the price of electricity is rising. Alliant Energy, a major utility company in our area, just proposed a 7.7% increase to the average residential customer's electric bill beginning in October of 2024. The second phase of rate hikes will come a year later with an increase of 5.7%. Alliant isn't alone in their rate hikes, as the average US increase in 2023 was 1.4%. As with most utilities, there is little chance that these rates will go down in the future. By installing your solar array now, you will be able to lock in your utility rate for the lifetime of the system (minimum 25 years)!
The Federal Tax Credit is Still in Effect
Now is the best time to take advantage of the solar tax credit offered. You will receive a 30% credit on the cost of your solar array the year of installation - why not make it 2024?
Free Estimates Offered
Reach out today for your free estimate. Our proposals include cost of the array, average monthly savings, estimated lifetime savings and more!
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