If you’ve been thinking about installing solar on your home, it has become increasingly more affordable with lower installation costs, a federal tax credit and utility rebates.
“Solar is now cheaper than ever with residential installation costs plunging 70 percent over the last 10 years,” said Darla Pennington, owner of PennTech, a solar installation and energy-efficiency HVAC company in Blue Springs, MO. “The urgency for reliable, cleaner alternatives quickened the research and advancements of energy and manufacturing technologies. Today’s higher-efficient photovoltaic modules generate more electricity. Plus, homeowners and businesses can get long-term utility savings and a federal solar tax credit.”
Homeowners who are able to complete a solar installation by December 31, 2020, may qualify for a 26-percent federal Investment Tax Credit. After 2020, the tax credit will reduce to 22-percent for installations made up to December 31, 2021. It then expires, unless Congress renews it. For more details, see the US. Department of Energy’s Homeowner’s Guide to the Federal Tax Credit for Solar Photovoltaics.
In the Kansas City metro area, Evergy customers in Missouri may also qualify for a $0.25 per watt rebate for solar installations made by December 31, 2023, or until rebate funds are fully allocated. Solar rebate information can be found at Evergy.
Some states and utility companies offer additional rebates for solar installations, although none are currently available in Missouri or Kansas. Check with a solar installer in your state for eligible rebates.
Since the federal Investment Tax Credit was enacted in 2006, the U.S. solar industry has grown by more than 10,000 percent, creating 250,000 jobs with more than 2.5-million solar energy systems installed nationwide, according to the Solar Energy Industries Association.
Installing solar has both environmental and financial benefits for homeowners, including:
- Producing cleaner energy
- Reducing energy bills
- Avoiding utility price inflation
- Saving money with Federal Investment Tax Credit
- Increasing property and resale values
- Increasing energy independence
If you live in the Kansas City metro area and are not able to install solar, you can still offset up to 50 percent of your annual energy usage with solar energy from a local solar array. Find more information at Evergy’s Solar Subscription.