03 Feb Timing is Important- When is the best time to invest in solar energy?
Posted at 15:43h in Clean Energy News
1. Solar Panel Efficiency is at a Plateau
Since the conception of solar technology, solar panel efficiency has increased dramatically. Panels are more efficient than ever. Their efficiency was once increasing rapidly year by year, but as the technology has gotten more and more advanced, it no longer makes sense to wait to go solar in order for the technology to become more efficient. In recent years, solar panel efficiency has increased by small percentages, which is not enough of an incentive to hold off on getting your solar system installed.
2. The Cost of Solar Panels Could Rise
While it’s unlikely that changes to manufacturing or solar panel efficiency will negatively impact solar panel cost, the supply and demand of renewable energy options have pushed the cost of panels up. Homeowners have seen steep increases in electricity rates, which is making the wait time for solar installations to lengthen. Don’t forget there are the tax deductions most states offer to solar-powered homes. Owners get a whopping 30% off the cost of installing solar panels or other solar architecture. Therefore, if you spend $10,000 on installing your own solar system, you’ll get a $3,000 tax credit.
3. Electricity Rates are Rising along with Grid Unreliability
You know electricity rates have been rising for years this year we have seen the steepest climb in rates in decades. This also speaks to grid reliability in years to come. The nonprofit grid operator, ISO-New England, issued warnings about winter reliability in light of supply chain crunches and longtime gas pipeline constraints. Officials said an extended cold snap they predict later this year might prompt calls for conservation measures or targeted outages. ISO CEO Gordon van Welie said the devastating blackouts in Texas during its record cold spell this past February were a wake-up call for grid managers in New England. Having reliable power when extreme weather hits is no longer just about comfort. It can have a major effect on your life from disrupting your work from home to draining your bank account. So, it’s worth asking: when the grid is so overtaxed, could distributed resources like solar energy help the grid become more reliable?
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