4 Trends in Solar Energy for 2020
Severe thunderstorms last year caused power outages from thousands of people in Wisconsin. For many people, it was a catalyst to consider adopting solar power or installing a solar generator. Solar energy is becoming a popular alternative for people throughout the United States and around the world. There are four exciting trends in solar energy that make 2020 a great year to adopt this renewable energy source!
Installation Costs for Solar System Are Dropping
Installing a solar system has never been more affordable! According to Solar Industry Research Data (SIRD), installing a solar system today is 55% cheaper than it was ten years ago. The price has dropped from an average cost of $40,000 to around $18,000. While the cost of installing solar energy has been declining, the cost to continue to rely on fossil fuels has been soaring. Higher utility bills aren’t the only cost of relying on fossil fuels. Power grid outages have increased by 30 percent over the last ten years.
Blackouts are more common than ever before. They are more than an inconvenience. Losing your power can cause costly property damage from frozen pipes to flooded basements and more. Solar energy is a smart alternative.
Solar Batteries Are More Affordable
Connecting your solar energy system to a battery expands your system’s power capacity. Like wind power, solar energy is an intermittent energy source. If your solar system has battery storage, you won’t have to worry about only have intermittent power. On sunny days, the extra energy produced by your solar system charges the battery. This energy storage allows your solar system to continue powering your home after dark and on cloudy days.
Lithium-ion batteries are the best and most advanced battery backup for solar systems. They are low maintenance and long-lasting. For many years, homeowners settled for lead-acid batteries instead because the cost of lithium-ion batteries was too high. That has been changing! The cost of lithium-ion batteries for solar systems has been on a downward trend since 2012. In just the last two years, prices have dropped an additional 35%!
Demand for Electricity for Electric Cars is Increasing
Energy demands had been decreasing the U.S. and around the world until electric vehicles hit the market. Now that electric cars are becoming more widely used, the need for electricity is increasing. The National Renewable Energy Labs predicts that demand for power in the U.S. may increase by nearly 40 percent. While that added demand could overload our already strained electrical system, private solar energy systems are up to the task! Many people with electric cars are investing in solar power to help them power their vehicles.
Several solar installation companies can include electric vehicle chargers in the installation.
Take Advantage of the Federal Tax Credit for Solar
The solar Investment Tax Credit (ITC) has helped many people convert to solar power. It is a write-off that allows you to lower your taxes owed to the federal government. Now is the best time to take advantage of it! The solar ITC in 2020 is 26% of the total cost, including the installation of your solar system. This incentive will decrease next year and every year afterward until it eventually gets down to zero because Congress has chosen not to extend the solar credit.
Burlington Fireplace & Solar adopted our own solar generating system in 2015. When you drive by our store, you can see our 24-module solar array in front! Our team has been trained in solar system installation and operation by MREA. If you are interested in learning more about solar energy, contact us to speak to one of our solar experts!