The federal government could eliminate major solar panel incentives — here's how to cash in before they're gone for good

Many Americans have been taking advantage of federal tax credits to outfit their homes with solar panels in recent years thanks to the Inflation Reduction Act. However, it seems more and more like the new administration will eliminate those credits sooner rather than later. If you've been considering solar, the time to act is now.    

The scoop

The Inflation Reduction Act (IRA) offers rebates and tax credits to Americans who opt for energy-efficient home improvements. That includes solar panels, which can garner up to a 30% federal tax credit to cover installation costs. For many, that can be the difference between affording solar or sticking with traditional power. 

But while these tax credits are still available to you, they may soon be a thing of the past. The Trump administration has repeatedly said that it's likely to eliminate or reduce IRA offers. It's unclear when that will happen — and it would need congressional approval — but it's safe to say the clock is ticking.

Outfitting your home with solar panels as soon as possible is your best bet. While that may sound daunting, there are organizations out there looking to help you do it. 

Take EnergySage, for example. The marketplace offers free quote comparisons based on your location, energy needs, and more. This can be a huge help if you're worried about overpaying for your solar installation.

EnergySage also offers advisers who can help you better understand the ins and outs of solar. Working with them won't just help you get affordable, effective solar power, it will help you get it done quickly. That's crucial right now.

How it's helping

Solar power can drastically reduce your home's environmental impact, but that's not all it will reduce. After you've covered the cost of installation, your electric bills will be essentially zero. That's thousands in savings every year. 

On top of that, solar allows you to store backup electricity. That means when the grid goes down, you've still got power in your home. 

You can also optimize your power usage with the help of WattBuy. This company can assess your home's power needs and make recommendations to save you time, money, and, well, energy. 

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While the pressure may be on to get those solar panels installed, you do have resources to help you do it. Those tax credits may not last forever, but if you utilize these resources you can take advantage of them to affordably power your home and protect the planet.

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