Rising Electricity Prices

Electricity prices have increased over 62% since 2003, from from $.08 a kilowatt to $12.87 a kilowatt, which is contributed to the rising popularity of natural gas. This alternative to generating electricity has put a logistical strain on power companies. By investing in solar power and solar paneling, you are using free clean energy from the sun.

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Price of Solar Panels Decreasing

There has been over a 70% drop in price of solar panels since 2009. This is largely in part of the lower cost of building them, which has dropped more than 50% since 2009 as well, thanks to more efficient siting and better technology.

Tax Incentives

Installing solar panels on your home will allow you to qualify for:

  • federal tax credit - 30% of total cost of your system.
  • state tax credit- 25% of total cost up to $2000.

Solar tax credits and rebates lower the cost of a solar panel system dramatically. In addition, using solar power can yield tax depreciation for your business. You could be eligible for a tax deduction for the recovery of the cost over the "useful life period" or lifespan of your solar panels, which essentially lowers the expense of installing them and brings great investments in renewable energy.

 

 

Stable return on investment

The average US household uses 10,932 kWh of electricity per year, and they pay an average of $0.12/kWh. With the current pricing of solar, tax incentives from the government, easy finance packages and current solar production, you could pay off your system in as little as 5 years.