When is the best time to shop for solar? The best time to go solar is when you’re ready!
If you’re asking yourself “Should I go solar?” the answer is yes, if you’re ready. Right now is a great time to go solar. The cost of solar installation continues to decrease. To install a residential solar system today, it will cost you almost 13 percent less than it did five years ago.
You are probably conflicted between going solar now or if you should wait. You might be reading about the prices going lower and lower which might make you second guess yourself on whether or not you want to jump right into it now or wait.
Installing at the right time for you
Something to think of before going solar is what you will pay upfront for the solar panel system itself. With the decreasing price of solar, a 6-kilowatt system can cost roughly $16,000 without adding tax credits and rebates. If these prices continue to decrease you’re looking at saving about $150 on your system by just putting solar off for another year, as time goes on your savings will increase. On the other hand, the more you delay going solar is another year you miss out on the financial benefits that solar can provide for you. Your savings from switching to solar may outweigh how much you’re saving by waiting.
How would you feel about not paying an electric bill each month?
If you go solar, this is possible!
When you wait to go solar, this means paying an electric bill every month, with the cost of electric increasing this puts you in an expensive situation. In the last 10 years, electricity prices have risen over 20%. In 2023, Ohio utilities introduced new rates that will bring monthly costs up by approximately 30% more.
In the typical home, the electricity bill can cost up to $1,400 a year. Say you install a system that covers 100 percent of your electricity, after a year you would have essentially saved $1,400. As time goes on and when prices go up, you’ll save more and more as your system operates. This can be up to 25-35 years! When you think about it, each year you wait to install solar, it’s another year you’re missing out on that savings!
Incentives, tax credits and rebates are great and help encourage homeowners to go solar, but there is a downside to them. As solar gets more and more popular, the credit begins to decrease. Right now, the ITC credit is at 30%, it will continue to decrease and eventually ease off all together.
When is the best time to shop for solar?
By waiting to go solar you could be missing out on great opportunity for an easy way to make thousands of dollars from your solar energy system.
Before you decide you want to wait to go solar, check out the incentives that are available to you and figure out if putting off solar is the smartest decision for you.