You might think that solar panels – and accompanying additions, like solar batteries – are inordinately expensive, but that’s not actually the case. While before, most people found solar power installations too costly to add to their properties, the passing of years has seen a fairly rapid decline in the cost of solar panel installation. What does that mean for you? That it’s much more likely you can afford solar panels that it might have been in the past. For the team here at RenewaVolt Solar Company, this is wonderful. We are passionate about the value and utility of solar power, and we want as many people to be able to enjoy the benefits of this form of energy as possible. The big takeaway is that a solar panel installation is a realistic option for most people, but we still need to get into the particulars. To learn more about solar financing, and how we can help you with it, read on below.
As we’ve already alluded to, back in the day, solar panels (sometimes referred to as photovoltaics) were once prohibitively expensive. Luckily, we’ve seen a downturn in pricing as more and more people have invested in solar power – and now most homeowners can afford them. One of the reasons that solar panels are more affordable now is that they are higher quality and built to last. You can expect an installation to provide decades of service without breaking or buckling – making the initial investment even more effective.
Federal Tax Credit
Did you know that you can lower the cost of solar panel installation with help from the government? The Federal Tax Credit is an example of a scheme that allows you to deduct a portion of the installation cost from your federal taxes. Pretty neat, right? In addition to this, Utah offers a state-level tax credit for renewable energy systems that can also reduce the cost of your solar installation. The bottom line? There are resources available to you which can drastically lower your installation cost, but they might not persist indefinitely. It’s best to take advantage of these schemes before they are wound down.
Unravelling the Web
One of the challenges that some people face when they’re looking into buying a solar panel system is that the relevant financing schemes and rules can be very confusing. If you’re feeling this way, you’re hardly alone. Thankfully, you don’t need to worry about completing this all by yourself. At RenewaVolt Solar Company, we’re more than happy to provide guidance and support to help you understand what you’re dealing with – and make sure you save as much money as possible.
If you’re at all uncomfortable with the idea of splashing some cash on a new solar panel installation, that’s understandable. Solar panel cost concerns are common. With that said, looking at the big picture can be helpful. Yes, you’ll have to cover an upfront cost to get your panels in place, but once they’re installed, you can expect considerable savings in the long run – all while boosting your energy independence and eco-friendliness.