Rising Cost of Living Means It’s Time to Go Solar
The rising cost of living may mean it’s time to go solar. Installing solar panels on your property has traditionally been a great way to reduce energy costs and your carbon footprint. Over the last decade, we’ve seen a 70% reduction in the cost of solar equipment with over 10 million homes across the United States powered by solar energy. However, is it lucrative to make this investment now or wait longer for prices to drop again? Solar Bear of Tampa explains why you should switch sooner rather than later.
Waiting to install solar panels at a further reduced rate also means waiting to save money on electric bills. As we have seen inflation and interest rates rise, the cost of electricity continues to increase as well. In fact, residential electricity prices are projected to increase roughly 3.8% by the end of 2022. Additionally, the government incentives and streamlined manufacturing benefitting the solar industry may soon face obstacles too. Solar modules and panels are the cheapest they have ever been but with supply chain issues and the prospect of phasing out financial incentives, this is another reason to consider solar sooner rather than later. If you decide to delay installing solar panels, you may also miss out on a major financial benefit, net metering. One of the foundational solar incentives, this program hangs in the balance in many states. Although Florida’s Governor DeSantis recently vetoed HB 741, a bill that would have significantly reduced net metering benefits, there is talk of a new form of the bill appearing next session.
Rising interest rates have also made the housing market quite volatile. Solar panels can smooth that volatility by increasing the future potential sale of your home. Adding solar power to a home significantly raises property value and can help you sell your home faster.
If you are interested in adding a new solar system to your home or business, speak with our team of experts at Solar Bear of Tampa. Call us at (727) 471-7442 or schedule your free estimate online today!