Between government tax incentives and compelling purchase and finance programs, it's easier than ever to go solar and recoup the costs of your system in a matter of 7-10 years, in most cases. There are even financing packages available that have zero upfront costs—just a dramatically cheaper monthly energy bill and a much cleaner carbon footprint.
In areas like Arizona, where air conditioning is a necessity, harvesting our most abundant natural resource is essential because the costs of buying power from local utilities are only going up. We're all pretty familiar with the multiple rate increases by our three largest utilities in just the last four years! With a warrantied life of 25 years and effective life of 40-50, solar panels lock in predictable energy costs for decades, while freeing you from utility uncertainty.
Summer is right around the corner, so for those of you considering making the switch to solar, we thought we'd take a moment to share our top three favorite financial benefits to going solar.
1. Lower Energy Costs and Lower Bills
The most obvious financial benefit of solar power is that it can lower your utility bills. It’s a simple equation, actually. Any power you produce yourself through your solar panels is power that you don’t have to purchase from your local utility. When your system produces more power than you’re using, that power is sent back into the grid in exchange for an energy credit. Or, if you install energy storage at the same time, you can store your unused solar energy in a battery for use when the sun goes down, or help you shave your peak demand.
2. A Cleaner Environment and More Sustainable Future
Ensuring a cleaner and more sustainable future for generations to come is priceless. Solar energy is one of the cleanest forms of energy on the planet. With warranties available for up to 25-years and an active production life as high as 40-50 years, your clean energy solar investment is one that will benefit your children and grandchildren alike.
3. Lucrative Solar Tax Incentives
Right now there are lucrative federal solar tax incentives available that can offset nearly one-third of the purchase prices of a solar system through a 30% tax credit. This 30% tax credit was recently refreshed in August 2022 when President Biden signed into law the Inflation Reduction Act. This important piece of legislation reinstated and extended the 30% rate through 2032, and also made it retroactive to any 2022 installations. The state of Arizona offers a flat $1,000 tax incentive, and no sales tax on a solar energy purchase as well.
There are also compelling financing and leasing options available. Today it’s entirely possible to go solar with minimal to no out-of-pocket investment. So long as your monthly lease or loan payment is below your average bill, you’re still left with money in your pocket at the end of the month and many decades of predictable energy costs.
If you've been thinking about making the switch to solar, now is the time to act! With the 30% solar tax credit back again, going solar now will ensure the biggest and fastest return on your solar investment. Contact one of our qualified solar integrators to start your solar project today!
*This blog has been updated since its original publication date of 8/20/2015.