NEM 3.0 and big solar changes are on the way. On April 14, 2023, California’s solar policy is changing, reducing the monthly energy bill savings for new solar owners by 75%. If you’ve been thinking about going solar, there has literally never been a better time to make the switch. Solar will never again be as affordable as it is right now. Don’t miss the chance to lock in NEM 2.0 rates for the next 20 years and get solar before California’s net energy metering policy changes.
30% FEDERAL SOLAR TAX CRECDIT EXTENDED THROUGH 2032
In an unexpected but welcome move, the Residential Clean Energy Credit is increased to 30% and extends it until the end of 2032. This is great news for solar customers, as the tax credit was previously at 26% for 2022 installations and scheduled to step down to 22% in 2023 before being eliminated in 2034. It gets better. Anyone that installed solar in 2022 expecting a 26% credit will now be eligible for 30%. That’s an extra $1,000 in tax credit for purchasing a $25,000 solar or battery system.
SO WHY SHOULD YOU GO SOLAR IN 2023? BELOW ARE SOME BENEFITS:
SOLAR REDUCES YOUR ENERGY BILLS
The solar power your panels generate from the sun can reduce your electricity costs or even eliminate your electric bills altogether. Having a solar system allows you to generate your own power and provides you with an insurance policy against the effects of future electric rate increases.
BATTERY STORAGE KEEPS THE LIGHTS ON IN A POWER OUTAGE
Battery storage allows you to store the power that your solar panels generate. If there is a power outage you can keep your appliances running. Solar home storage solutions like solar batteries have become significantly cheaper in the last few years, thanks to new technology. Remember, you can also claim the 30% tax credit on a solar battery.
SOLAR INCREASES THE VALUE OF YOUR HOME
Studies show that homes with solar panels sold for 4.1% more than similar homes without solar. Based on current home values, going solar adds an extra $9,274 to the property value of an average home. So, even if you were thinking about moving in the next couple of years, solar would be a worthwhile purchase.
SOLAR IS A SMART INVESTMENT
A typical homeowner can generate a return on investment (ROE) of between 10-20% on their solar system. This is a payback of only 5-10 years on a system that will last 25-30 years. You certainly can’t find that kind of ROE on any other type of investment. The main point that is often overlooked by people considering investing in solar is you will certainly continue to use electricity. So, the investment income from solar (in the form of electric bill savings) is very secure and reliable.
SOLAR IS GOOD FOR THE ENVIRONMENT
Solar doesn’t pollute the air or produce greenhouse gasses. It replaces other non-renewable power sources like oil, gas, and coal. This type of renewable energy stops the need to use fossil fuels to generate our electricity.
SOLAR CONTRACTOR & ROOFING EXPERTS
The money-saving potential of installing a new solar array for your home is enormous. And if you’re interested in maximizing the cost-saving benefits solar power has to offer, now is the time to get started! Premo Roofing is Monterey County’s leading roofer, so we can provide all the necessary inspections and roofing preparations to ensure your roof is ready for solar panel installation.
You can fill out our online form or contact us today with any questions.