If the idea of installing solar panels to your home has floated around your mind for a while, 2020 might just be the perfect time to turn these dreams into a reality. In 2019, homeowners with solar power panel systems were able to take advantage of the federal solar investment tax credit that saw them get a credit for their income tax. This credit was given to those households with fully functioning solar power panel systems. Despite 2019 being the final year of the tax credit being available at its full 30 percent, 2020 is still full of fantastic reasons to move forward with the solar panel project you have been plotting. Here are the top 5 reasons to go solar in 2020!
The ITC Tax Credit
While the ITC tax credit saw qualifying households receive a 30% credit in 2019, 2020’s is a little less, but still favourable. This year, qualifying purchases of solar panel systems can get a credit of 26% of the cost of the equipment. This credit is available up until Dec. 31, 2022.While the credit is at the beginning of the phase down, it will still be able to be claimed for 22 percent in 2021 before zeroing out in 2022, making this the perfect time to take advantage of it. This is perhaps the most notable reasons to go solar in 2020!
Save on Your Bills
Installing a solar power panel system can help you not only save money in the long run, but we are entering the perfect time of year to get the most benefits on your utility bills right now. As the warmer weather starts to roll in, installing solar panels now can see some instant benefits. This is the time of year where the panels will be building up to their maximum capacity thanks to the longer days and increased sunshine. With this in mind, your solar panels installed in the next couple months can help you cut back on AC costs.
Added Home Value
It is well known that adding solar panels to your home has the ability to increase the resale value of your home in the long run. But, some may think that the value added is negligible. However, there have been studies that show adding solar panel systems to your home can see it sell for about 5% more than similar homes without solar power systems. With housing markets being hot in 2020, it could be a good idea to work with a real estate agent to develop a better idea of just how much value can be added to your home from adding solar power systems. This is one of the best reasons to go solar in 2020!
Covered by Good Warranties
While the tax credits available for homes with solar power systems are beneficial to reduce the cost of making your household more environmentally friendly, there are also a lot of high-quality warranties out there on the market right now to help reduce the stress of adding a solar panel system. Solar system buyers can shop with confidence in 2020 thanks to a lot of warranties available on the market. These will help you by only having to deal with the original installer rather than shop around to different suppliers and vendors if something goes wrong or breaks down.
Reduce Your Carbon Footprint and be More Environmentally Friendly
While there are a lot of little steps that can be taken to help your household become more environmentally friendly and reduce your carbon footprint, one of the best and rewarding methods is by going solar with the installation of a solar power panel system in your home.Solar systems help reduce greenhouse gas emissions, which are extremely dangerous to the environment.With the recent events of 2020 such as the Australian wildfires, it’s never been more prevalent that we need to take further steps to helping reduce the amount of greenhouse gas emissions we create. Solar panels are a sustainable way to take a step towards a better future. Contact us today if you have any more questions; there are plenty more reasons to go solar in 2020!