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Solar energy is on the rise; there’s no doubt about it. And, thanks to the Inflation Reduction Act that Congress passed earlier this year, the cost of installing solar panels just got cheaper. Let’s take a look at how this new legislation affects those who are considering making the switch to solar.
What is the Inflation Reduction Act, and how does it affect solar panel installation costs?
The Inflation Reduction Act is a federal law that requires the Department of Energy to adjust the cost of solar photovoltaic (PV) systems for inflation. This means that starting in 2020, the cost of installing a new solar PV system will be lower than in 2019. The specific amount of the reduction will depend on the inflation rate, but it is estimated that the average cost of a solar PV system will decrease by about 3% each year.
What does this mean for those considering solar panel installation?
For anyone who has been thinking about installing solar panels, this news is great! The Inflation Reduction Act provides a significant financial incentive to switch to solar before costs start rising again.
How Will This Affect Home and Business Owners?
This news is especially good for home and business owners who have been considering making the switch to solar energy. With the installation cost now more affordable than ever, there’s no better time to take advantage of this renewable energy source. Not only will you be doing your part to help the environment, but you’ll also be saving money on your energy bill each month. It’s a win-win!
How much can I save by installing solar panels?
The amount of money you can save by installing solar panels depends on a few factors, including the size of your home, your electricity usage, and the cost of electricity in your area. However, on average, homeowners who install solar panels can expect a return on their investment in as little as 5-7 years. In some cases, the savings can be even more significant.
How much do solar panels cost, and what factors influence the price?
The cost of solar panels can vary depending on the system’s type, size, and location. However, the average cost of a 5kW system (enough to power a typical home) is around $15,000. The good news is that prices have been dropping steadily in recent years and are expected to continue.
What are other incentives available for those considering solar panel installation?
In addition to the Inflation Reduction Act, several other incentive programs are available to help offset the cost of solar panel installation. These include state and local rebates, tax credits, and solar leases/power purchase agreements. To learn more about these programs, visit www.dsireusa.org.
If you’ve been thinking about switching to solar energy, there’s never been a better time than now. The installation cost has become more affordable thanks to the Inflation Reduction Act. So why wait? Go green and save money at the same time.