Top 5 Reasons To Go Solar Today
So You’re Thinking About Going Solar…
People are drawn to solar for multiple reasons. Some want to save money on their power bill while others want to use renewable energy to help produce carbon offset. What many potential customers may not know is that investing in solar today makes more sense financially than ever before.
1. Duke Energy Plans For A 16% Rate Hike
Duke Energy Progress in North Carolina is implementing a request to North Carolina regulators for a three-year, 16% rate hike. This rate hike would increase energy costs on a yearly basis starting in October 2023 and ending in October 2025. In 2025, the average homeowner who utilizes 1,000 kilowatt hours monthly would expect their bill to be $141.15 as opposed to the current average being $126.13. Duke Energy Carolinas is also pursuing a similar three-year rate hike.
Along with North Carolina, Duke Energy Progress South Carolina has proposed a similar rate hike for two years at 11%. This rate hike would begin in 2024, and would increase the average homeowner’s energy bill to $151.78 a month.
Customers who invest in solar now will gain independence from their utility company and not be affected by rate hikes like these.
2. Federal Tax Credit For Solar At 30% Until 2033
With the Inflation Reduction Act of 2022 having been passed, the solar industry is able to celebrate this victory as solar customers will get more money back on their system. The Solar Investment Tax Credit (ITC) allows customers to get back 30% on their system price over a period of time. Energy storage units and electric vehicles can be included to complete a PV solar system and increase savings while also providing energy security.
Let’s say a customer’s complete system costs $70,000. When the 30% federal tax credit is applied to the system price, the price decreases to $49,000 since the customer will be receiving money from the tax rebate overtime. When a customer can take a step back and look at the big picture of their solar investment, they will find investing in solar today will save them thousands down the road that would originally be paid towards their utility company.
3. Fixed Interest Rate For Solar Today Is 3.99%, But Only For Now
Unlike mortgages that are increasing, the interest rate for solar is fixed at 3.99%. According to Bankrate, 30 year mortgage rates are fixed at 7.11%, meaning now is not the best time to buy a home. Instead, those interested in solar are encouraged to invest now since solar rates are significantly lower than mortgage rates.
While investing in solar, a customer’s home value increases thanks to the savings that solar energy provides. Investing in solar today is the wisest decision you can make when cutting down energy bills and increasing your home’s value. This 3.99% fixed rate for solar won’t last forever
4. $0 Down On Solar Loans
On top of having a low interest rate for solar loans, customers can also receive a solar loan for $0 down. Having $0 down allows for potential customers to have more accessibility to solar options while also maintaining an overall positive cash flow as their system works over time.
A customer that’s paying for a $29,000 8.5kW PV solar system with the $0 down payment can expect a monthly payment of $116 with a monthly savings of $129. Even with a 3.99% rate, this customer is still saving more than they are saving in the long run. When continuing to pay for energy directly from a utility provider, customers will continue to lose money based on increasing energy rates.
5. Solar Energy Is A Renewable Resource
Solar energy is a renewable energy source that doesn’t contribute to carbon emissions from traditional fossil fuels. Using solar energy produces carbon offset which helps minimize the amount of carbon being emitted into our atmosphere. According to PV Magazine, an average 400 w solar module that produces 1.5 kW per year can help save 10 trees from the effects of carbon emissions.
While there are other solutions for using cleaner energy, solar energy is a great way for home owners to contribute to a more sustainable future. Along with saving environments like forests, homeowners will be saving money on their energy bills in the long run. If you are a homeowner who has been considering making the switch to solar energy, this is your sign that it’s time for a switch. There has never been a better time to start your solar journey than now.
Our customers have received millions of dollars in federal and state tax incentives over the years of Renu’s operation.
With so many incentives to save money on your solar installation, contact us today to see how much you could save with solar!
Renu has installed over 4,500 solar systems since 2010, and is an expert in the solar industry. Specializing in industry leading customer service, Renu is. a turn-key company. Whether you’re just beginning to research your solar options or you’re ready to install a system tomorrow, Renu will be your smart. reliable. solar partner from the first phone call to installation and system energization.
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