3 Reasons Why Waiting To Go Solar Could Cost You Thousands
Thinking about installing solar panels but holding out for the “perfect” time? Maybe you’re hoping prices will drop, or that the technology will get even better than it already is.
We get it—solar panels are a big investment, and with most investments, timing matters. But in this case, waiting doesn’t save you money. It costs you.
Right now, solar panels are as affordable as they’ve ever been, thanks to the 30% federal tax credit. But the tax credit ends on December 31, 2025. Once it’s gone, homeowners will pay thousands more for the exact same system. Add in the steady rise of electricity rates, and delaying your decision just means paying more to your utility company while missing out on savings you could be pocketing today.
If you’ve been planning for solar, now is the best time. Here’s why.
1. The 30% Solar Tax Credit Is About to Expire
The solar tax credit is a major financial incentive that saves you 30% on your solar installation costs. If, for example, you install a $20,000 solar system, you’ll get $6,000 back as soon as tax season rolls around.
Unfortunately, the solar tax credit is about to expire. To qualify, you need to install your solar panels before December 31, 2025.
That might sound like plenty of time, but in reality, it’s a lot closer than you think. Solar panels take months to design, permit, and install. If you wait much longer, you will miss your chance to qualify for the tax credit. That means, when you do decide to go solar, you’ll end up paying 30% more for your system.
2. Electricity Costs Are Rising Fast
If you’re debating whether to buy solar panels now or wait, just take a look at the past year of your electric bills. Chances are, the numbers will make the decision easy.
Utilities across the country are raising their rates, and it’s homeowners like you who are footing the bill. This past summer, every major utility in Ohio implemented a price increase that pushed bills higher for nearly every household in the state. Most Duke Ohio customers saw 20%-30% rate hikes starting in June. This pushed the average cost per kWh from around $0.13 to around $0.18.
Here’s what that looks like in real dollars: if your bill is $200 a month today and costs rise just 5% annually, you’ll pay over $13,000 to your utility over the next five years. That’s money that could instead be going toward a solar system that generates its own power and pays for itself.
At the end of the day, the only one who benefits from you waiting to go solar is the utility company.
3. Solar Adds Value to Your Home Today
If you’re planning to sell your home in the future, going solar now can help you get more from the sale.
Multiple studies, including research from the U.S. Department of Energy’s Lawrence Berkeley National Lab, have found that homes with solar sell for thousands of dollars more than comparable homes without it. Research conducted by Zillow has also found that homes with solar systems sell for about 4% more on average nationwide.
Buyers see lower utility bills as a built-in asset, and with electricity rates climbing, a home that generates its own free power is worth even more.
Waiting to install solar panels could mean missing out on a huge bump in your net proceeds if and when you decide to sell your home.
Want to Maximize Your Solar Savings?
Solar is one of the few home improvements that immediately lowers your expenses, pays for itself over time, and increases your home’s value. But the benefits are biggest for those who act now.
At Sustainergy Cooperative, we’ve been helping Ohio homeowners take control of their energy costs for years with solar panels and energy efficiency improvements. Our team will help you decide if solar makes sense for your home and make sure your installation is timed for maximum savings.
