We are in the midst of an economic crisis brought about by the pandemic. Inflation has risen to 8.5% this July and the energy cost is currently at 32.9%; these numbers may not mean a lot to you – but it does to your wallet.
Everything is going up – consumer goods, commodities, and even your stress levels have joined the parade! Everything you’re experiencing now is unprecedented and you never planned a contingency for something of this scale.
But there’s hope.
If you could make a change today that would affect all your financial woes tomorrow, put your faith in solar energy.
Why? Here are 3 BIG incentives for going solar:
1. Get a 30% Tax Credit thru The Inflation Reduction Act of 2022
Also known as the “Electrify Your Life Act”, this bill aims to push households to use more clean energy within their own home.
Incentives are to be given to those who’ll purchase electric vehicles, modernize their appliances and upgrade their utilities to ones that use clean energy – yes, solar panels included.
As electricity prices go up – and you never know just how much it’ll go – making the switch to solar makes sense.
With the past Federal Solar ITC, if you shift to using solar panels on your home, you only receive a 26% tax credit. With the new bill, you will receive a 30% tax credit until 2032!
2. Earn additional income with Solar Renewable Energy Credits
In 2020, the Virginia Clean Economy Act (VCEA) came to fruition. The state government incentivizes households with solar panels thru Solar Renewable Energy Credits (SRECs).
SREC is a performance-based solar incentive that allows you to earn additional income from solar electricity generation. The way it works is for every 1,000 kilowatt-hours (kWh) that your solar panel produces, it’s equivalent to 1 SREC.
Much like the stock market, pricing for SRECs depends on supply and demand. In addition, you’d need an SREC broker to sell your SREC to utility companies.
An example computation is if 1 SREC = $50 and a homeowner with a 10kW solar system would get paid $500 a year from the government for supporting clean energy.
Now that’s your solar panels making money for you!
3. 0.99% APR Financing with $0 down
We want to help in making the transition to solar easier for you.
With all the incentives that you can receive just by using solar panels in your home, finding the right financial partner to aid in this investment will make the road smoother.
We have partnered with Sunlight Financial to provide homeowners an industry low of 0.99% APR Financing with $0 down! This type of offer is exclusive only to our customers.
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The need to switch to solar is only increasing as the world turns and changes. The use of renewable energy is within your grasp and it’s not only for the use of a chosen few – it’s now made more available for everyone. Contact us today for a free estimate at (804) 452-7699 or email a power bill to Service@SunlightSolarVirginia.com.