Solar Panel Installation Revolution
Solar Power is a safe and abundant energy source in Orlando Florida that can reduce pollution and solve our energy crisis for the future. There are so many positive reasons for the expansion of solar energy that many people find it hard to believe. Because if that was the case we would be using it already. Unfortunately, because of special interest groups and oil monopolies, the expansion of solar has been repressed. However, in recent years the expansion of solar has begun due to a variety of reasons that we will explore here.
First off our Government back in 2006 realized the need for us to become more environmentally responsible and decided to pass an incredible financial incentive to add solar to homes and businesses. That was the introduction of the 30% federal tax credit. What this means, so long as you have enough taxable income you will receive a tax credit for 30% of the cost of your solar panel system. If your home solar panel installation cost $30,000, you would receive $9,000 back from the Government. Effectively lowering the net price of your solar energy cost to $21,000. This credit is available through 2019 so now is the time to take advantage of this while you can.
Next, the cost of solar panels for your home have dropped by 70% since 2008. This is due to the laws of supply and demand. After the tax credit came into existence the demand for solar began to increase which started to drive down the manufacturing cost of solar panels. As the demand continued to rise more contractors entered the solar industry and created even more competition which drove the price down even more. The prices have now plateaued and according to consumer reports in June of 2016 “now is the best time ever to buy solar”.
With Federal Tax Credit still available and prices at their lowest point has now created an atmosphere for a solar energy revolution. If you wait much longer you will lose 30% discount. Most experts agree that prices are at their lowest and will slowly creep up from here. So for all of the people who were waiting for cheaper pricing the time has arrived.
The biggest reason for the dawn of the solar energy revolution in Orlando Florida is you can now purchase a system using the money you pay the power company and actually save money from day one. Because of no money down financing options and 20 year terms as low as 5% you can add solar to your home today and lower you energy expense immediately. For example, if you are paying $200 per month to the power company, you can now have a situation where you are paying $160 to finance your solar power system and $30 to the power company. Effectively saving $10 per month in year one. Please keep in mind this is an example and results can vary but not by much.
I typically recommend a shorter payoff period which will give you a better long-term return on investment but it is clear that the above example creates an atmosphere for people to take advantage of owning their own power instead of renting it.
In conclusion, it will be exciting to see over the next few years how the solar energy revolution explodes and people start to take control of their energy needs for themselves. Now that solar has passed the 1,000,000 home mark the expansion should be exponential and the benefits shared by all