Home Solar Will Never Cost Less Than in 2024

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Home Solar Will Never Cost Less Than in 2024

Home solar will never cost less than in 2024, a turning point for solar adoption. Better technology, friendly policies, and increasing awareness make solar panels more accessible and affordable. If you’re considering going solar, now is an excellent time to explore your options and contribute to a greener future for your home and the planet.

Higher Production Solar Panels at a Lower Cost in 2024

Generally speaking, there are two types of Solar Panels commonly used in the US for rooftop solar energy production.

Monocrystalline Solar Panels: These panels are made from single silicon crystals and offer high efficiency. However, they come at a higher price point due to their superior performance.
Polycrystalline Solar Panels: Comprising fragmented silicon crystals, polycrystalline panels are more affordable but slightly less efficient than monocrystalline ones.

Both types of solar panels have increased in wattage and production output. Increased production means a homeowner gets more production out of the same square footage of the roof. Interesting enough, both types of solar panels went down in cost about 10% since 2019.

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Extension of the ITC Tax Credit

The extension of the Federal ITC Tax Credit through 2032. Qualified homeowners are eligible for a 30% Tax Credit for going solar. In addition, many states have various incentives for installing rooftop solar. A 30% savings is the equivalent of buying a home solar system wholesale.

Competition is Good for Homeowners

Competition has a way of getting a company to sharpen their pencils, and home solar systems is no exception. More homeowners are going solar in 2024 because they are getting a better value!

In 2016 through 2019 there was a limited amount of solar installation companies. Many solar companies during this period were price gouging resulting in many irate customers.

Price gouging was incredibly damaging to the promotion of home solar after net metering became law in Florida in 2017. By the summer of 2019 in Florida selling home solar became very difficult because of the bad press.

The good news is the companies harming the solar industry went out of business. Now in 2024 most, but not all, home solar installation companies are behaving with integrity. Competition has had a positive effect, and homeowners are finding solar much more attractive in 2024 because the financial benefits are too good to pass up.

Power Company Prices Have Shot Through The Roof in Florida

The major power companies in Florida have raised rates more than 10 cents a Kilowatt over the past 5 years. Power rates in Florida have gone from 13 to 24 cents per kilowatt in less than 5 years. Power price increases make home solar a tremendous value in 2024.

The nationwide average electricity price increased nearly 11% from 2021 to 2022, and 2023 might be another big year, with electricity bills in states with a lot of natural gas generation jumping 40% or more as utilities raise rates.

In 2024 home solar is an attractive alternative to the power company because the bottom line is the bottom line. It’s in the homeowner’s best interest to go solar because of the savings the compared to the power company rates. Conclusion, Home Solar Will Never Cost Less Than in 2024!