What if you could get paid to reduce your electric bills? Well, the U.S. government wants to help you do just that, providing significant incentives through the Inflation Reduction Act, including steep discounts to install solar panels.
How can the Inflation Reduction Act help?
The Inflation Reduction Act (IRA), signed in 2022, has allocated billions of dollars for Americans to upgrade to technologies that benefit their wallets — and that includes solar.
According to a White House fact sheet, tax credits can cover up to 30% of solar system installation costs, making it easier than ever for people to learn why homeowners around the nation have begun harnessing the power of the sun.
The Internal Revenue Service notes that the 30% solar incentive is available through 2032 through the Residential Clean Energy Credit. After that, the credit percentage slowly diminishes.
You can claim it for your primary residence, whether you rent or own. Other qualified expenses include battery storage technology like Tesla Powerwalls, which can help ensure solar energy is available even if the sun isn't shining.
Why are solar panels getting so popular?
Electric bills in the United States have been on the rise, and switching to solar is one of the best ways to lower those costs. The systems can save people up to $1,500 on energy bills annually.
Homes with solar panels are also more climate-resilient. Because the panels help keep the power on even if the grid goes out, they can be a lifesaver during extreme weather events, like heat waves, which have become more intense and frequent due to rising global temperatures.
As the top weather-related killer, heat causes hundreds of deaths every year, according to the National Oceanic and Atmospheric Administration.
There's also the fact that solar power is a type of clean energy, meaning that it doesn't spew planet-warming pollution linked to respiratory issues, cancer, and dementia. Dirty energy was associated with one in five deaths globally in 2018, according to a study from Harvard.
How do I find the best deals on solar panels?
SaveOnEnergy is one of the best places to go to make it easier to determine which panels are ideal for your situation.
Whether you live in a single-family dwelling, a condo, a townhome, or a multi-family unit, the free tools offer no-nonsense advice to get customized results and compare quotes from leading installers. Apartment-dwellers who cannot install their own panels can also reap the money-saving benefits. If community plans are available, SaveOnEnergy can handle that too.
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