Have you made the switch to solar yet? ITC solar expiration is coming up soon, and it’s crucial that you sneak in those benefits now if you want to save the most amount of money possible on your solar installation.
You may have heard about solar solutions in the past, but how much do you really know about all that they can offer? Whether you’re a homeowner or you operate an entire commercial facility, there are countless ways that solar panels can boost efficiency for your space while keeping your utility bill low. But even with all that information, so many are still on the fence. The best time to make the jump was years ago—the second-best time is right now. In this blog, we’ll talk about why you shouldn’t wait to get all of those great solar energy benefits. From instant utility savings to getting in before the solar investment tax credit (ITC) drops (or expires), there’s never been more to gain from making the switch to solar.
The solar ITC has been one of the biggest reasons why the solar industry has grown significantly over the last 10 to 15 years. With a 30% tax credit available for those installing solar panels, it was an easy decision for so many businesses to make. Unfortunately, all good things must come to an end—the solar investment tax credit expiration date is approaching, and the sizable benefits you used to be able to receive, are dropping every year for the next few years. The number has already dropped to 26% in 2020; it drops a further 4% to 22% in 2021; and in 2022 commercial and utility facilities only receive a 10% benefit, with residential spaces ceasing to receive any benefit at all for any solar installation project.
While bills from both the House and Senate have been introduced to push back the expiration date, it’s not quite enough for potential solar investors to hang their hats on. That’s why it’s so important to make the right decision for your facility right now—the longer you put off your solar installation, the more likely you are to miss out on all the benefits that would otherwise put you in a much healthier financial position.
One of the main details driving potential customers away from investing in solar is the initial installation cost. But did you know that some companies offer incentives during the chillier months? Summer is the most popular time to install panels, but your facility can potentially score a discount if you invest during the winter.
Another huge draw for first-time solar investors is the potential for increasing your energy storage. Solar panels can connect to an electricity grid, meaning any solar power your panel structure draws can be stored for later use in the grid. This can help give you a leg up for the months ahead and help to dramatically lower your utility bill throughout the entire year.
At O3, we want to make sure our clients have as easy a time as possible when converting to solar. That’s why we offer Power Purchase Agreement (PPA) plans to help our customers avoid excessive costs for panels, inverters, permits, and construction. With flexible lease terms between 10 to 20 years with extension and early buyout options, we’re confident that we can find the ideal payment plan for your unique financial circumstances.
It’s about time that you started using an energy source that streamlines efficiency without driving up costs. At O3, we want all of our customers to enjoy the benefits of solar on a schedule and budget that makes sense for their circumstances. For more information on how our team can leverage our expertise to help you save big on solar, reach out to O3 today.