With the federal tax
credit for installing solar panels decreasing at the end of 2019, many
homeowners are trying to figure out if installing a solar power system for a
home is worth it. Here are the top three items to consider:
Find a solar power system cost
calculator online that can compare the expense of the solar system to the
electricity rates that are charged by utility companies in your area. The
payback period for the home’s solar system varies from one home and state
to the next.
With warranties for solar
panels lasting as long as 25 years, they can be a sound investment.
Solar panels may lead to a higher
resale value of the home.
The costs associated with solar panels have dramatically decreased over the last decade, making them an affordable solution to reducing energy bills and benefiting the environment. The Federal Investment Tax Credit, or ITC, is also known as the solar tax credit. This credit will be reduced slightly after 2019. Although it will be a lower percentage, it still is beneficial for homeowners to explore the benefits of solar energy.
Pete Yang is a senior vice president for Alpine Bank and the co-chair of Alpine's "Green Team." He's based in Aspen, where he handles commercial and consumer loans, with a particular focus on resort financing. He has a keen interest in protecting Colorado's unmatched mountain environment.