Do you want to have solar panels installed on the roof of your home? It might end up costing you tens of thousands of dollars.
The cost of solar panels will vary from one home to the next. Everything from the type of solar panels you choose to go with to the number of solar panels you’ll need will have an impact on what solar panels will cost you.
But you shouldn’t let the price tags on solar panels scare you. There are also so many solar rebates that you should be able to qualify for. These solar incentives will help you save money while putting solar panels in place.
Want to get more information on which solar rebate incentives exist and how solar rebates work? Continue reading to get the inside scoop on how to save on solar panels through the usage of solar rebates.
Many Solar Companies Are Lowering the Cost of Solar Panels
In 2021, the cost of solar panels increased. But that was way outside of the norm when you look at the price of solar panels over the last decade.
Generally speaking, the cost of solar panels has gone down almost every year over the course of the previous 10 years. A big part of the reason why so many people have made the decision to get solar panels is that they’ve become more affordable than ever before. Furthermore, there are some companies offering schemes as part of their corporate social responsibility programs to help people afford solar panelling with loans, a prominent example of this is Climate Positive Banking by Atmos, offering lower rate loans so that people can make a swap to solar energy to help the planet.
If you’ve been turned off by the price tags on solar panels in the past, you might want to give them another chance. You may be surprised to see how much the cost of solar panels has changed when you call a solar company and ask them what solar costs in 2022.
Some States Offer Solar Rebates to Residents
In addition to checking out how far solar panel prices have fallen over the last 10 years, you should also look into whether or not your specific state extends solar rebates to residents. Many states have started to do this in an attempt to get more people to consider installing solar panels on their homes.
Arizona, California, Florida, Massachusetts, and New Jersey are just a handful of the states that can provide people with solar rebates. In total, almost half of U.S. states have some kind of solar rebates in place for those who would like to utilize them.
You should do some poking around and see if your state has any solar rebates that you can use when you’re installing solar panels. You could save a pretty penny by using a program that has been put in place in your state.
The Federal Government Provides Solar Rebates in the Form of Tax Credits
The federal government isn’t going to keep on extending solar rebates in the form of tax credits to Americans forever. But for the time being, the federal government is going to continue to let people claim solar rebates when it’s time to file their taxes at the end of every year.
Many homeowners will be able to claim a tax credit equal to around 25% of the cost of their solar panels when they file their federal income taxes. This could save you quite a bit of money on your taxes depending on how much a solar panel system costs.
Just make sure that you stay up to date on the latest changes to the tax credits available to those who install solar panels. They’re almost always changing on a year-to-year basis.
Solar Battery Storage Rebates Might Be Available to You
Are you going to install a solar battery so that you can store some of the solar energy that your new solar panels produce? If you are, that alone might be enough to help you earn solar rebates.
Some states have started to see the value in solar batteries, and so they’re beginning to offer solar rebates to those who install them along with their solar panel systems. You might want to consider having a solar battery installed when you put solar panels in place for just this reason.
Different Solar Panel Brands Are Always Extending Solar Rebates
The solar industry has become very competitive over the last few years. With more people installing solar panels than in past years, many solar panel manufacturers are working hard to try to get their attention.
One way that many of them have started to do it is by offering solar rebates to those who invest in solar panels through them. You shouldn’t be shy about trying to see what kind of solar rebates a solar manufacturer might have in place before deciding which kind of solar panels you want.
Some solar manufacturers will automatically slash the cost of their solar panels. Others will ask you to file for solar rebates once you’ve had their solar panels installed. Either way, you can earn a deep discount on solar panels by utilizing the rebates that are being made available to many Americans.
Take Advantage of These Solar Rebates Today
If you’re on the fence about buying solar panels because of the price tags on them, you should know that the solar rebates listed here can make a big difference in how much they’ll cost you. You could save yourself thousands of dollars by using just one of these solar rebates.
Don’t be afraid to look into which solar rebates you might qualify for when you’re buying solar panels. There will be so many opportunities for you to save yourself some money in the end.
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Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin