If you’ve been waiting to see if costs will dip further before you invest in your own solar system, wait no longer. Here are the top reasons why industry experts say conditions may never be this financially friendly to solar again:
- Installation is as cheap as it is going to get. Business models are as mature and efficient as they are likely to ever be, added to that the fact that…
- Innovation and technology have peaked. Solar technology—batteries, panels, etc.—is at its most cost-effective and efficient, making a reduction in future materials costs unlikely in the near future.
- Financing is easier than ever. Many credit unions and banks across the country offer low interest home equity loans for solar installation, with more to come.
- Solar energy gives you immediate return on your investment. Unlike traditional energy sources, solar energy pays for itself then earns you money as you go.
- Installation improves your home value. This will always hold true, but may diminish a little if you wait for installation costs to go up.
- Solar incentives are disappearing. While a few new state incentive programs like the Massachusetts SMART program (see Get Smart About SMART) may be on offer, their time—along with older Solar Renewable Energy Credit programs, net metering and diminishing federal tax breaks—is limited.
- Trade barriers/tariffs will raise costs and slow cash flow. Manufacturing and investment in Chinese solar panel makers have driven costs downward dramatically in the last few years. Not only will this stall out, but could reverse as trade barriers and tariffs against China go into effect.
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