20 Nov Yes, You Can Afford to Go Solar
Over the years, solar has gone from a rare luxury for a few DIY experts to a common household utility. Thanks to lowered production costs and increased demand, we are seeing a marked increase in accessibility. According to a recent Forbes article, “in Q1 2020, module prices averaged 0.21 US dollars per watt, in comparison to 0.63 US dollars per watt in Q1 2016.” That’s a 33% reduction in cost in only four years! You can now afford to go solar.
Save on Federal Taxes
There are many government incentives for going solar. The Federal Investment Tax Credit (ITC) allows a 26% deduction of the out-of-pocket cost of your new solar system from your income tax liability for the year you install solar.
This credit reduces the amount that you owe at the end of that year’s taxes, rather than the amount you pay taxes on. In fact, there’s no cap on the value you can deduct! Regardless of the type or size of install, you will get a 26% credit if you install in 2020.
In 2021, this credit will drop to 22% for residential and commercial systems, and in 2022, this deduction disappears permanently. This is all the more reason to install your system ASAP!
Learn more about what the credit is and how to file here.
Save on Property Taxes and Utilities
The State of Texas has also exempted the value of Solar panel installations from your property tax appraisal (Texas Tax Code Section 11.27).
There are also rebates available from many utilities in Texas. We will walk you through these savings to make sure you’re making the most of your panels right out of the gate.
Zero Down Financing
Did you know that you can now finance your solar panels? New financing options have opened the door to virtually every homeowner. Now everyone can enjoy the benefits of solar!
Longhorn Solar is proud to partner with Sunlight Financial and Dividend Solar Finance to provide the most cost-effective solar financing solutions on the market. Zero Down solar financing with insanely competitive interest rates help you go cashflow positive from your first day with solar. Depending on the system direction and slope of your roof, solar production is created at between $.09/kWh – $.11/kWh. These financing incentives are another big reason you’re seeing so much solar going up everywhere.
Other private financing options are also available. These include Home Equity Loans (HELOCs) and personal lines of credit.
The Panels Pay for Themselves
You can drastically reduce or negate your electricity bill. If your panels are producing an energy surplus, you can get credits on your electricity bill. The electricity meter on your home tracks the electricity you consume and the amount you produce. The number can change depending on your usage, the season, and the amount of sun your panels are getting. But, you’re especially likely to be getting those negative bills in the cooler months when their A/C isn’t running.
We are excited to show you how affordable solar can be. Get your free quote today and start saving now!