If you’ve been considering adding solar energy to your home, 2020 is the perfect time to do so. Last year, solar owners were able to receive maximum benefits from the federal solar investment tax credit (ITC), which gives homeowners an opportunity to receive a tax credit towards income taxes after their solar system is fully installed and operating. While 2019 was the last year to get the full 30% federal solar tax credit, there are still many great reasons to add solar to your home in 2020.
1. Receive ITC Solar Tax Credit
This year, qualified homeowners who purchase solar can receive an ITC equal to 26% of the cost of eligible solar equipment until the December 31, 20201 cut off. However, this isn’t the last drop that will happen to the available tax credit. As part of the three-year phase-down adopted by Congress, the ITC percentage will decrease once more in 2021 to 22%. By the year 2022, residential credit will completely zero out. That means, those wishing to go solar this year will be able to get more value out of their qualifying purchase.
2. Save on Utility Bills
With the industry’s most powerful panels,2 SunPower® technology can help homeowners save on their electricity bills over time. SunPower’s Maxeon® cells are built with efficiency in mind, featuring more light-trapping surface area than conventional cells. This is key because as more solar energy is produced by a system, there is less dependence needed from a utility company.
Seasonally, now is the perfect time to go solar. With warmer weather on the way, having solar panels installed within the next few months could help you get the most out of your system this summer. During this time of year, solar equipment will be working at maximum capacity with longer daylight hours that can help reduce costs like air conditioning. Estimate how much you can save with solar by using our online calculator.
3. Increase Home Value
Having solar arrays on your home can help increase its value. A recent Zillow study found that homes with solar sell for an average of 4.1% more than homes without it.3 Working with a local real estate agent is the best way to determine the value of a home with solar power, but there are various other tools available, including solar calculators and guides.
Also, each SunPower cell is backed with a unique copper foundation that adds strength and helps prevent it from degeneration. While most conventional solar cells lose power over time due to corrosion and breakage, SunPower solar cells degrade at a much lower rate. Homes built with SunPower solar systems are well positioned to add value for a longer period of time.
4. Get the Complete Confidence Warranty
With SunPower, homeowners get the most comprehensive warranty in the solar industry. The SunPower® Complete Confidence Warranty covers the entire solar system, so you have one company backing it if anything should ever go wrong. Instead of having to find different vendors to fix various parts, SunPower takes care of it all with the quality solutions customers have come to expect.
5. Reduce Carbon Footprint
One of the greatest benefits of a solar system is the reduction of harmful greenhouse gas emissions. The recent Australian Wildfires reinforced the need to address a growing climate crisis across the globe. SunPower recognizes the need for sustainable practices beyond just their product line and is proud to lead the industry in environmental stewardship. As a result, SunPower strives to create panels as clean as the energy they produce. When choosing SunPower solar to generate electricity, not only are homeowners contributing to a sustainable future, but they’re also supporting a company who makes it a priority to do the same.
2020 can be the year you decide to go solar and help us change the way our world is powered. To take the first steps, evaluate your home by answering a few simple questions and try out the SunPower Design Studio to see how it would look with solar.
1 Tax credits vary and are subject to change. SunPower does not warrant, guarantee or otherwise advise its customers about specific tax outcomes. Consult your tax advisor regarding the solar tax credit and how it applies to your specific circumstances. Please visit the dsireusa.org website for detailed solar policy information.
2Highest efficiency panels available: Based on datasheet review of websites of top 20 manufacturers per IHS, as of May 2019.
3Source: "Homes With Solar Panels Sell for 4.1% More" Zillow Economic Research - Analysis of listing descriptions and sales transactions between 3/1/18-2/28/19. Comparison values made in New York, NY, Orlando, FL, San Francisco, CA, Los Angeles, CA and Riverside, CA. The actual impact on home values will vary.