Have you been thinking about installing solar panels for a while now? The new year is the perfect time to take the plunge! There are a lot of benefits to going solar this year, from California solar rebates in 2023 to protection against rising electricity costs and more.
Keep reading to find out why you should make 2023 the year you go solar in Monterey, Salinas, or Santa Cruz, California.
1. Get a 30% Solar Tax Credit in 2023
When you install home solar panels in 2023, you can claim the Investment Tax Credit, otherwise known as the ITC or federal solar tax credit, on your 2023 taxes. The ITC is the best solar incentive of 2023. It allows you to reduce what you own in federal income taxes by 30% of your total solar installation costs. So, if you install a $10,000 solar panel system, you’re eligible for a $3,000 tax break!
There’s been a lot of talk about the solar panel tax credit and the Inflation Reduction Act (IRA) this year, as the IRA made some major changes to the ITC. Here’s what you need to know about the IRA solar tax credit in 2023:
- The solar tax credit has been increased to 30%
- The 30% solar tax credit is extended until 2032
- Solar battery storage qualifies for the IRA solar tax credit
2. Get Grandfathered into Net Metering 2.0
California’s net metering program is expected to change significantly in the coming year. In Net Energy Metering (NEM) 3.0, solar customers will be paid much less for the energy they export to the grid. There’s still time to be grandfathered into the more favorable NEM 2.0, but you have to act fast. As of now, homeowners who install solar panels and submit a complete, error-free interconnection application by April 14, 2023, can be grandfathered into NEM 2.0. Schedule your solar panel installation in Monterey Bay now to get the best net metering incentives possible!
3. Avoid Rising Electricity Rates
Energy costs are going up just about everywhere, and it doesn’t look like it’s going to get better anytime soon. Installing your own solar energy system is the best way to protect yourself against rising rates. With solar panels and battery storage, you can produce and store your own electricity at home, so you won’t have to buy from the grid and pay its exorbitant rates. Solar panels last for 25+ years, so when you go solar now, you can essentially lock in your electricity costs for over two decades.
4. Keep Your Lights on When the Grid Is Down
Power outages might not affect us as heavily in Monterey Bay as they do in other parts of the state, but that doesn’t mean they don’t happen. If you’re concerned about outages, installing solar with battery storage is the solution.
Solar plus battery systems can operate independently from the grid when there’s an outage which allows them to remain operational while the grid is down (solar systems without batteries can’t do this and are therefore automatically shut off during an outage). This allows you to keep the power on during a daytime outage. If the power goes out at night, you can use stored energy from your battery to power key loads, like your lights, medical equipment, and phone chargers.
5. Increase Your Home’s Value in 2023
Did you know that solar panels can increase home value in California? In many cases, homes with solar panels sell faster, too. If you’re thinking about downsizing in the future, going solar now can help you get more from your home when you decide to move. Solar panels last for 25+ years, so even if you’re planning to stay put for a while, getting your panels up and running now could be a big help when you are ready to sell.