Will 2024 Be the Right Year for You to Purchase Residential Solar Power?

Considering Making the Move to Residential Solar in 2024?

If you have been thinking about purchasing residential solar power but for one reason or another you find ways of talking yourself out of actually doing it, then 2024 is the year you should really reconsider. The new year is a great time to embrace solar energy, thanks in large part to powerful financial incentives like the federal solar tax credit, which will help you save 30% on the cost of your solar installation.

If you’re still not convinced that 2024 should be the year you finally gain energy independence, then read on to discover several other compelling reasons for why this year is the right year to go solar.

Energy Rates Have Never Been Higher

They say that the only two certainties in life are death and taxes. But let’s be honest, there should be a third – energy rates will rise. Utility providers continue to raise their rates year after year with no sign of relief. And who can blame them? After all, they provide something that every household needs, so it’s either pay up or go without electricity.

But solar energy changes the power dynamic. It puts control over a household’s energy into the hands of the homeowner. With solar panels, you won’t have to pay nearly as much (or anything at all) to your local utility company.

The National Electric Grid is Breaking Down

The national electrical grid is antiquated and weak, and it just isn’t designed to deliver the type of power the country needs now that technology has become such an important part in our daily lives. This is why so many areas experience routine brown-outs or black-outs. In many areas, a simple storm can leave homes without power for days.

Solar energy ensures that homes have power when they need it, regardless of whether the power supply from the electrical grid is interrupted. With solar power, and especially with solar battery storage, you won’t ever have to worry about the food in your refrigerator or freezer spoiling when the local power goes out and it’s going to be days before it’s restored.

Free Electric Is Just a Few Years Away

Cost is one of the most common obstacles that gets in the way of homeowners choosing to go solar. But what many don’t realize is that the typical solar power system pays for itself in just under ten years. And with most solar panels lasting anywhere from 30 to 40 years, you’re looking at several decades of free energy once you reach your break-even point.

Add in the fact that the 2024 federal solar tax credit has never been higher, and that you can start saving money on your electric bill from the moment your system goes live, then you can see why so many homeowners are making this the year that they’re going solar.

Solar Costs Are Dropping in 2024

After a few years of price increases, 2024 is expected to see the price of solar fall. The reasons for the drop in solar’s prices include:

  • Restored supply chains and greatly reduced global inflation
  • Massive investments being made in American solar and battery manufacturing plants
  • Economies of scale as solar installations continue to outpace forecasts
  • The adoption of software and automated processes to streamline local permitting

As you can see, there are several factors that indicate that going solar in 2024 will certainly be worth it for your home, both in terms of saving money and improving your peace of mind. Of course, the return on your solar investment will ultimately depend on a few specific details, such as where you live, your roof’s features, your local electric rates, and who installs your panels, so to get the best idea of how much you can save with solar, you should schedule a consultation with a reputable solar installer in your area.

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