Solar Energy - Taking advantage of the sun while saving money
There is more than one reason we are called “Sunny San Diego”. Not only do we get a lot of sun, San Diego is also a leader in solar power. According to an article on Fox 5 News, we surpassed Los Angeles to be the leading city in the US when it comes to solar power installations. We are seeing panels pop up everywhere from homes to schools and the number of installations will continue to increase.
Now Is the Time to Save with Solar
If you are considering installing solar panels, now is the best time to do so. The Investment Tax Credit (ITC) was initiated in 2006 and is still in effect today. In 2020 the ITC can earn you a 26% tax credit on solar systems installed on residential properties. In 2021, the tax credit will be reduced to 22%. In 2022, there will be no savings on residential solar installations.
How Much Can You Save?
There is no one size fits all answer for how much you can save with a solar installation. The tax credit is the first savings you receive which offsets your initial investment in your solar installation. The savings you receive on your energy costs will happen overtime. That are factors that will determine your savings. How much solar energy you are producing and how much energy you are using is one factor. The plan you are on with your electric company is another factor. For instance SDG&E has the option of a Time of Use (TOU) plan and one that does not depend on time of use. If you want actual numbers, I used a Solar Savings Estimator online for a 4 bedroom house in south San Diego and showed me an estimated $5000 in savings over a 20 year period.
Good For Your Wallet and Good For Our Environment
Solar energy. Solar energy is great in both regards. Solar energy is renewable and doesn’t pollute the air or the water. There are chemicals that are used in the production of some solar panels that are toxic. If those chemicals are handled in a safe manner, the environmental impact will be minimalized. There is no energy source that is not going to have some type of impact. Burning fossil fuels and nuclear energy have their own byproducts and risks. There are other forms of alternative energy in various stages of commercial availability. Solar is here now and has many advantages over other currently available methods of energy production.
In conclusion, if you want to save money in the long run and have a positive environmental impact, now is a good time to switch to solar energy. You can take advantage of the maximum ITC the sooner you make your investment. Come 2022, the ITC will be no more unless they institute an extension before then. The sooner you invest, the sooner you will start seeing savings on your energy bill as well. If you have questions about solar for your home, call (833) 806-2739 or submit our easy contact form and we will be glad to help you get started with saving money and contribute to the environment.