The Bureau of Labor Statistics projects an increase of 51% for Solar Photovoltaic Installers from 2019 to 2029. The number of installers could grow from 12,000 to over 18,000. This far exceeds the growth seen in most other professions. Solar Photovoltaic Installers are responsible for, “assembling, setting up, and maintaining rooftop or other systems that convert sunlight into energy,” according to the Bureau of Labor Statistics. This is exciting for solar enthusiasts. Households across the country are turning to solar energy by installing photovoltaic systems. Businesses have been taking advantage as well. Photovoltaic (PV) systems convert energy from the Sun’s light. From the massive solar fields to the panels installed on a rooftop, consumers are taking advantage of the benefits, savings, and tax-based incentives when choosing solar energy.
Good for More Than Just the Environment
An uptick in solar PV installations the past two years has caused this boon for the market and industry. Just when businesses were crippled by a pandemic, solar installations went from door-to-door to online. Although covid-19 has taken its toll confidence in overcoming it has not. Confidence is astronomical when it comes to renewable energies. Solar energy is a renewable energy that is clean, green, and a great method in reducing the carbon footprint. As an investment, the ROI, return of investment, is less than a decade. Depending on the size and type of installation, the average ROI is between 7-10 years. Companies, small businesses, and residential consumers should take advantage of the incentives available.
The advantages offered for potential consumers range from state-based incentives such as Net Energy Metering Programs, tax credits, and tax exemptions to the federal Investment Tax Credit, or ITC. Net Energy Metering, or NEM is a program offered in 41 states, this includes Florida. This program allows solar households without sufficient batteries to exchange excess energy to a Utilities Company for credits that can later significantly reduce the cost of the energy they had pulled from the grid when the household’s consumption exceeded the solar energy produced. Many states offer additional incentives to help influence potential solar consumers. Tax credits and tax incentives help you save money. Florida, for example, offers both a Property and Sales Tax Exemption. The installed system will not accrue any additional costs on Tax Day thanks to the Property Tax exemption whereas the Sales Tax exemption saves the prospective buyer an additional 6%.
Not only are there state-based programs and policies to help solar buyers with the transition but there is also a Federal Tax Credit, known as the ITC, Investment Tax Credit. This is a dollar-for-dollar federal tax credit worth 26% of the total cost in a solar installation. This is a major incentive that will save buyers a lot of money. Time is running out, however. As of next month, the federal ITC will drop from 26% to 22%. Eventually, in 2022, the ITC will drop to zero. People will have to act soon to take full advantage of the tax credit.
You should act now. To learn more about going solar check out our blog. Region Solar, is a full service solar partner for residential and commercial solar installations. We are committed to providing our customers with the best service and highest quality equipment for all our solar installations. Region Solar is a female owned, family run business that has been serving the Sarasota area since 2007. Let us know how we can help you save on your monthly utility bills.