Solar panels have increased in popularity, as more and more people have decided to live green and reduce their electricity costs. Unfortunately for some, the costs of installing solar panels outweigh the potential savings. With the extended federal tax credit and decreasing costs, is it now time for you to go solar?
The federal tax credit for those who install approved solar power systems has been extended, Realty Times reported. The tax credits were expiring in 2015, but the U.S. lawmakers decided to extend the credits for another five years.
This means that more people are expected to go solar with the given tax credit extension.
"Solar will more than triple in size from just more than 24 GW of total capacity to nearly 100 GW by 2020," said Ecowatch, as quoted by the publication. "By that point, there will be enough solar installed to power 20 million American homes."
Several experts also expect that by the time this five-year tax credit extension is up, there will be enough choices and investments that will help reduce the costs of installing solar panels.
Forbes reported that electric bill is expected to reduce by about two-thirds with the installation of solar panels or solar shingles. Current solar shingles from Dow come with a 20-year warranty, which guarantee that the shingles will cover 80-90 percent of power output for the next 20 years.
The aforementioned publication also noted on a statement made by green-energy consultant Steve Pope on the costs one can save when going solar. According to Pope, not only does going solar help save you a ton of electricity costs, it will also help increase the selling price of your property.
While the tax credits and lowered costs of solar panels are definitely attracting a lot of attention from homeowners, several are still wary about the overall cost of installing one at home.
The outlet then offered three different options for those who do not wish to purchase an entire system: Power purchase agreement (PPA), Solar leasing, and low-interest loans.
