Top 3 Reasons to Install Solar Panels Now!
If you’re a homeowner in North Carolina, and are considering installing solar panels on your home at some point in the future, it may be better to do it sooner rather than later. These are the top 3 reasons why you should seriously considering installing solar panels, or at minimum, getting signed up to install them before October 1, 2023.
ONE: Rebates and tax incentives won’t last forever!
The Federal Solar ITC (Investment Tax Credit) which is part of the Inflation Reduction Act (IRA) signed in 2022, increased the tax credit from 26% to 30%. The 30% offset is here for 10 more years as of now, but laws can change faster than they have in the past, especially with the current divisive political climate.
Duke Energy’s change in net metering structure will reduce the benefit to people investing in solar going forward. The company has set a deadline of October 1st, 2023for customers to be grandfathered into the dollar for dollar rate.
Tesla’s Powerwall rebate of $500 is available from June 15, 2023 to October 31st 2023.
TWO: Increasing utility rates and inflation.
Duke Energy has proposed a multi year rate increase of 18.7% over the next three years, meaning you will be paying almost 20% more for your electricity and natural gas by the end of 2025. These rate increases are expected to go into effect starting October 1st, 2023.
We have all seen the fluctuation in gas prices over the past few years. In North Carolina, the price for a gallon of gas eclipsed $5 at one point. Currently, prices are sitting between $3-$4 per gallon. As inflation continues, and more regulation pushes for minimizing the use of fossil fuels, oil companies will produce less oil, driving up the price of gasoline while keeping supply and demand in their favor. This will most affect those people who have not transitioned to Plug-In Hybrid or Full Electric Vehicles.
THREE: It’s the right thing to do for the future.
Whether you believe in climate change or the causes of climate change, Globally and Domestically, governments and large companies are investing in infrastructure for a more renewable future. Governments will continue to implement laws that push the adoption of renewable energy by businesses and tax payers. They will do it at different speeds and with different methods, but there are billions of dollars going into renewable energy in North Carolina. Once these things become law, the financial incentives will start to disappear, and you will be paying full price at the most expensive time to adopt greener technology.
Not only is it important because of the financial implications, but our lives, our children’s lives, and our grandchildren's lives depend on our willingness to invest in a better future. The fires will spread further, the storms will get stronger, the droughts will last longer. We have to do our part because it’s the right thing to do. I can guarantee you the cost will be more in the future than it will be today if we don’t take action. A great step in the right direction is to get solar on your home, and now may be the best time to do it.
I am not a financial advisor and this is not financial advice. These are my own views and opinions and have not been solicited by any company. I am not compensated for this in any way. I am not a solar expert, nor am I a law expert, or tax expert and do not claim to be.
The articles below are where this information was sourced from and used to gather my own opinion. You should do your own research prior to making any investment and consult with licensed or certified professionals before making any decisions.
https://www.energy.gov/eere/solar/homeowners-guide-federal-tax-credit-solar-photovoltaics
https://southern-energy.com/north-carolina-net-metering-update/
https://southern-energy.com/north-carolina-solar-incentives/#:~:text=%24500%20Tesla%20Powerwall%20Rebate
https://southern-energy.com/solar-tax-credit-extension/#:~:text=The%20IRA's%20Impact%20on%20Solar&text=The%20Inflation%20Reduction%20Act%20(IRA,to%20go%20solar%20in%202022!
https://southern-energy.com/utility-rates-rising/
https://pressroom.toyota.com/toyota-announces-2-5-billion-expansion-of-north-carolina-plant-with-350-additional-jobs-and-bev-battery-capacity/
https://www.axios.com/local/raleigh/2023/06/02/toyota-gives-nc-battery-plant-another-billion-dollar-boost
https://www.americanprogress.org/article/north-carolina-applied-materials-battery-plant/
https://www.newsobserver.com/news/business/article276493776.html
https://www.burlingtonnc.gov/2426/Introducing-North-Carolinas-Electric-Veh