The belief that solar panels are prohibitively expensive is a myth.
Significant technological strides have made solar more affordable than ever before, with costs dropping every year. According to SEIA (Solar Energy Industries Association), the average price of a solar system pre-incentive is now $25,000, down from $40,000 in 2010.
The advancements made in solar technology, along with a decrease in material costs and improvements in installation practices, have made solar power a popular choice for homeowners.
In 2022 the IEA released a report confirming that solar power is now the cheapest source of energy in the world. With the Inflation Reduction Act and state-level incentives, installing a solar system is now more affordable than ever!
The IRA offers a 30% tax credit on the total cost of the system for primary (and sometimes secondary) residences, as long as new materials are used. This is a great opportunity to save money while also reducing your carbon footprint! A solar system is a money-generating asset that eventually pays for itself.
In Pennsylvania and New Jersey, two main state-level incentives boost your ROI.
Incentives in Pennsylvania and New Jersey come in the form of Solar Renewable Energy Credits (SRECs) and net metering. SRECs are a form of currency in the renewable energy market. When homeowners generate solar energy, they earn SRECs that can be sold or traded, offering an additional revenue stream that offsets the initial cost of a solar system.
Net metering allows homeowners to feed excess electricity generated by their solar panels back into the grid in exchange for credits on their utility bills, reducing their electricity costs.
As technology advances and incentives become more lucrative, more and more homeowners are considering solar power. For more information about solar energy, visit us at exactsolar.com or call 215-621-8353!
PHOTO CAP: A photo of a recent solar installation completed by Exact Solar in Newtown.