Does Waiting for Better Solar Power Technology Make Sense?
For anyone who sees the advantages of adopting solar power, the question isn’t whether to make the investment – it’s when to take the plunge.
The media headlines make it seem like amazing new technology and drastic price cuts are close at hand, so many people think they should put home PV system installation on hold. But is waiting really a smart move?
Obviously, as a solar panel installation company, we encourage homeowners to go solar sooner rather than later. But leaving our self-interest aside, we do have good reasons for saying that you shouldn’t wait to adopt solar power.
Improvements in Efficiency are Slowing Down
Yes, solar power technology has been steadily improving. But the increases in efficiency are incremental – over the past several years, solar panels have only become about three percent more efficient. So, homeowners who wait for better technology are waiting on minimal gains, and at the same time, they’re missing out on energy savings.
What about the headlines that declare new innovations in photovoltaic technology have been developed? Realistically speaking, any advances announced today are nowhere near ready for production – and there’s a good chance they may never even reach the marketplace.
Incentives to Adopt Solar Power are Disappearing
Right now, the federal solar tax credit allows homeowners to reduce their income tax liability by 30 percent of their solar power system costs. A number of state and local financial incentives are also available now – and anyone who takes advantage of every tax credit, rebate and grant can see savings of over 50 percent.
But, these perks aren’t going to be around for long. The federal incentive drops every year, and it will be gone in 2022. Opportunities to save at the state and local levels are getting scarce as well. So, anyone who waits to install a home PV system will end up paying a higher price for the project.
Prices for Solar Power Systems are Leveling Out
But wait – aren’t solar panel prices in a steep decline? That’s what the headlines would have you believe, but the costs are no longer falling as dramatically as they have in the past.
Years ago, homeowners who waited to install home PV systems saved a bundle by doing so. These days, waiting might save a few cents on the dollar at most, as prices have become more stable. Huge drops in system costs aren’t on the horizon, so holding off on adopting solar power really isn’t a good strategy for saving money.
If you’re ready to go solar and you live in Utah, Oregon, Idaho, Wyoming or Nevada, turn to the professional team at Intermountain Wind & Solar.
An Intermountain West industry leader for more than a decade, Intermountain Wind & Solar offers high-quality photovoltaic components and expert home PV system installation. We have a reputation for providing exceptional workmanship, outstanding customer service and affordable pricing.
For a free, no-obligation consultation to discuss installing a home solar power system, contact Intermountain Wind & Solar today.