When the Inflation Reduction Act (IRA) passed and was signed into law at the end of 2022, it included a provision that was very popular among fans of solar energy. It extended a 30% tax credit for homeowners or businesses who install solar energy and energy storage systems—effectively making the total cost of a solar system 30% cheaper—all the way through 2032. But with Congressional and Senate leaders currently attempting to repeal portions of the IRA, and with an election year just around the corner, it’s possible that, with shifting politics, this substantial discount won’t be around as long as we’d all like.
The planned 9-12 year time period of this helpful credit (as of now, the credit will begin to phase out to starting in 2033 and will end after 2035) would typically give the average home or business owner plenty of time to consider making an investment in solar—and the opportunity to save money in the process. But with the valuable credit at stake due to turmoils in Washington, now is definitely the best time to get started with solar.
After all, traditional electricity rates are continuing to fluctuate wildly, while increasing an average of 2.9% for the past 60 years. By investing in solar now, you can protect yourself from energy costs and gain more control over your energy expenses, while still saving 30% on the upfront costs! You can almost hear the infomercial now (“Act now! This offer might not be around for long!”).
While the future of the IRA is uncertain, it is certain that solar is here to stay. Our ever-shifting politics and election cycles in the U.S. may sometimes bring a degree of instability and insecurity into our lives. Fortunately, solar is the antithesis of this, offering us all a bit more control and reliability when it comes to where our energy comes from.
If you’re curious if solar is right for your home or business, contact us for a free quote. We can also help you navigate incentives in the IRA as well as other local and regional incentives that can help make now the perfect time to switch to solar.
