Is Now a Good Time for Homeowners to Switch to Solar?
If you’ve been considering making the switch to solar energy, you might be wondering if now is the right time to do so. Whether it’s cost or efficiency concerns that are the source of your hesitation, we’re here to solve any doubts for you. This article will explore the advantages and disadvantages of switching to solar energy in 2023, so you can make an informed decision about whether now is the best time for you to invest in solar panels for your home.
The Advantages of Going Solar in 2023
The benefits of installing home solar systems have been clear for quite some time now. So why is 2023 a particularly good time to go solar?
- Reduces energy bills: With electricity costs continuously rising, solar energy can help you make significant long-term savings on your power bills. Thanks to net metering, your electricity costs can be offset with the energy generated from your solar panels, giving you credit that can be used to reduce your future energy bills. But some states are starting to change their net metering policies, so now would be a better time than any to switch to solar and lock in the best rates you can get for saving on electricity bills.
- You gain energy independence: Another reason to go solar in 2023 is the energy independence that solar panels can provide. Solar panels can give you energy independence by allowing you to create your own energy and not have to rely on the power grid as much. A recent study found that a third of Americans are now concerned about power outages, and solar energy backed up with a storage system is a great solution in these scenarios.
- More incentives: The IRA has recently increased the federal solar tax credit from 26% to 30%, meaning you can claim 30% of the costs of your solar panels back on your taxes. However, this tax credit is expected to drop back to 26% in 2033 and 22% in 2034, so installing solar panels is something that should be done sooner rather than later if you want to cut down the costs of going solar.
- More affordable than ever: Switching to solar has never been so affordable. The cost of solar panels has dropped by 70% in ten years , making this year a better time than ever to go solar. Prices increased slightly in 2021 due to the pandemic, so installing solar panels now while prices have lowered again will reduce the risk of you having to face any cost increases due to unforeseeable circumstances.
The Disadvantages of Solar Energy in 2023
- Solar is an intermittent energy source: Solar power doesn't generate power at night, and cloud, snow, or debris can affect the energy production of your solar panels. However, solar battery backup solutions have now become available, so you can store solar power and draw from it even if your panels aren't producing energy at that time.
- The upfront costs can be high: Although going solar is now more affordable than ever, the upfront costs of installing solar panels can still be high. Not only will you have to pay for the solar panels themselves, but you will also need to consider installation costs. And if you’re planning on storing your energy by opting for a solar battery, costs can reach up to $9,500 for the battery alone.
- Supply chain issues: Some supply chain issues are still ongoing since the rise in demand for solar panels and the delays the pandemic has caused. These issues may be starting to ease in 2023, but it still remains unknown whether supply will be able to keep up with increasing demand.
So Is Now a Good Time to Switch to Solar?
It’s clear that the advantages of installing solar panels currently outweigh the disadvantages. Besides, installing solar panels can increase your property’s value, meaning you may see a good return on your investment when the time comes to sell your home. However, if you’re planning on selling your home in the near future, consider that it takes a few years for your savings on energy bills to accumulate and make up for the costs of installing your solar panels, and once installed, you can’t take solar panels with you.
Ultimately, whether you choose to install solar panels in 2023 or not, solar energy is an increasingly viable and cost-effective option if you’re looking to reduce your carbon footprint and save on energy bills. So if you're considering making the switch, remember that the sooner you invest in solar energy, the sooner you'll start reaping its benefits.