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Tax Credit Program in California

Rejoice, for the Renewed Federal Tax Credits for Renewable Energy Installations!

Tax Credit Program in CaliforniaOne of the biggest concerns about getting a photovoltaic (PV) system lately is about the monetary benefits those who invest in one stand to gain. During its last stages, tax credits ramped down quite significantly as compared to its initial state. Tax credit is a one of the staple aspects of getting a renewable source of energy, and has been for two decades now. Without it, convincing homeowners and business proprietors to spend $10,000 or more in solar panels is extra difficult. The US government, committed to lowering the country’s overall gas emissions, renewed the tax credit program by five years to encourage private individuals and public organizations to switch to renewables. More than that, they tasked the National Renewable Energy Laboratory (NREL) to conduct research on how the fresh deal is going to influence the sector as a whole.

Nothing But Optimism

It’s not a major topic in the research, but Canopy Energy says it’s important to discuss how this is going to affect the public’s perception regarding renewable energy and climate change. Surely, a sizeable tax credit will encourage people to have a PV system installed in their home or business. Any study about the real value of solar panels all look to the future, which can be an obstacle. The prevalence of desire for quick results is common, and for a multiple-thousand dollar system to be only fully beneficial in the future isn’t the most enticing prospect. Nevertheless, PV systems still provide considerable returns even in the early years. In a real-life test, a homeowner trimmed his electricity bill in half within the first year of using solar power. The decrease in costs will only become even more significant in the future as the solar panels reach maturity, which will undoubtedly result in even bigger savings. As for the NREL results, it exhibits a prolonged purple patch for the industry and the users. Specifically, they mentioned how tax credits affect a wide spectrum of entities, from taxpayers and electricity ratepayers, air pollution and environmental quality to land use, clean energy policies, grid operations and electricity markets. Much more than that, the research addresses the question of where solar power will be when the deal ends. Again, they see a sunny future for the sector. By 2020, the power generated by renewable sources (wind, solar, etc.) will grow to 53 gigawatts. NREL also mentioned that when 2020 comes, the policies about renewable energy would change for the better. They see that more and more properties will adopt renewables, mainly wind and solar, as a clean source of power. The most important part of the study, presumably, is the rising cost of natural gas and fossil fuels. From their conclusion, the time when traditional sources of power will become too expensive for everyone to afford will come sooner than later. This will result in reliance on renewable energy, supercharging its growth. Even better, materials and installation labor for PV systems will most likely be low by 2020. The study earmarked the decade until 2030 to be the pivotal point where most Americans will heavily favor renewable energy. Acceptance of renewable power means acceptance of climate change, hopefully. It is the main driving force for the government’s pursuit for more properties using wind, solar and other forms of clean energy. 14 years is too long to wait to switch to solar, making this the perfect time to plant the seed of good hope for the goodwill of the planet. All everyone has to do now is advocate and wait until political parties, international conglomerates and those in power to do something. They will see the wide-ranging benefits of going renewable, one way or another.
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