Four Key Reasons People Are Switching to Solar in 2023
Was “learn more about solar energy” on your New Year’s resolutions list? Well, lucky you! Solar Bear of Tampa is here with four key reasons that you should switch to solar energy in 2023. Read on to be enlightened.
1) Solar is a good investment
Have you been watching the market lately? Stocks and shares rise and fall pretty quickly these days so investing in a solar system involves much less risk. Homeowners generally receive a 10-20% return on investment for their residential solar systems. A significant win in a short amount of time given that the payback period is usually 5-10 years for a system that lasts 25-30 years.
2) Solar is good for the environment
Those interested in reducing or eliminating their carbon footprint will be interested to know that the Biden Administration aims to stop using fossil fuels by 2035. Because solar power does not pollute the air or produce greenhouse gasses, it can safely replace non-renewable resources like oil, gas, and coal in a more eco-friendly way.
3) Solar can increase your home’s value
If you are like most people, moving or buying a house seems impossible right now. Why not add value to your own home by installing solar panels? Recently, Zillow released a study that showed homes with solar panel systems sold for over 4% more than comparable homes without solar panel systems installed. Don’t forget about the additional exemptions in Florida like the Solar and CHP Sales Tax Exemption that eliminates the sales tax on solar purchases or the Property Tax Exclusion for Residential Renewable Energy Property exemption which provides 100% property tax exemptions for residential solar panels. This rule allows county tax collectors to overlook a home’s solar system when assessing value.
4) Solar can reduce your taxes
Perhaps the most exciting reason to go solar is the Federal Solar Investment Tax Credit (ITC). With the recent passage of the Inflation Reduction Act last year, the tax credit was increased from 26% to 30% of a solar system’s project costs (ex: permits, installation, and equipment) and can be claimed as a credit on your federal tax return for the current year. It’s important to note that this incentive is only available if you own the system, not through a lease.
Ready to make the switch to solar? Our team of energy experts can assist with any financial questions while we customize a solar installation that works for you. Call Solar Bear of Tampa at (727) 471-7442 or request a free estimate today.