Jeff Nichols of Ideal Solar, Lighting & Electric tells us about the present or future of solar power:
There are 3 factors that determine the cost of solar – material cost, labor cost and incentives.
The future cost of solar panels is open to interpretation because of tariffs and other factors. But we do not foresee any major changes in the cost of panels from where they are now.
From our own experience labor costs are on the rise.
The Federal Tax Credit is currently at 30% but it is due to start phasing out at the end of this year. By the end of 2021, the tax credit will be zero.
Because of these factors we see a slight upward trend in solar installation costs.
Arguably, the bottom is here, within a few solar percentage points.
Our recommendation to homeowners is to install solar this year while tax incentives are still at their highest point.