Planning to install solar panels on your home? Installing solar panels is a great way to increase the value of your home while reducing your utility costs over time. And if you think solar panels are out of your price range, think again! Many American homeowners are eligible for a hefty solar panel tax credit that reduces costs by thousands of dollars, and this credit will be in place for several more years. Do you want to pay less for your energy usage, or are you simply trying to reduce the size of your carbon footprint? If so, read on to learn more about getting solar panels for your home in 2018.
Anyone who owns a solar energy system is eligible for this federal tax credit. Better yet, if you don't have a large enough tax liability to make full use of the credit, then you can roll over your credits into future years. This tax credit is not available though to homeowners who choose to lease.
Dozens of solar energy companies serve homeowners throughout the United States. However, some companies have risen above the competition. Our top three solar energy companies for ordering home solar panels are Verengo Solar, SolarCity and Sungevity. Verengo Solar and SolarCity both offer systems for business and commercial accounts, and Sungevity offers a unique solar power leasing program.
Several states offer additional tax credits for homeowners who want to install residential solar panels. These states include Arizona, California, Oregon, New York, Pennsylvania, Colorado, Hawaii and others.
The average cost of solar panels before tax credits is $18,840, and after tax credits that cost falls to around $10,000. Solar panel costs are constantly getting cheaper.
You will still have an account with your electricity provider even after upgrading to solar. During months when you overspend the power converted by your panels, then you will owe a bill to your electric company. However, these bills will be much smaller, and in many cases people never need to pay their electric companies again. Instead, they make payments on their solar panels.
Solar panel companies have tremendous leeway for offering sensible financing on their systems. Oftentimes, financing will be structured so that the monthly payments on the solar panels are equal to what people pay their electric companies. Homeowners basically trade their utility bills for solar panel payments.
The tax credits provide an influx of cash, and cash is always helpful. However, the true value of tax credits is they can be rolled into your financing loan with your solar panel provider. These credits can be factored into your financing terms, allowing you to lock in with a lower monthly payment on the basis that these tax credits will greatly lower your balance.
Do your research when choosing the best solar panel provider. The big companies often have access to newer equipment and better rates, but smaller companies might offer regional expertise and better customer service. Always compare several quotes before signing with a specific company.