The solar industry has changed dramatically in the past decade, mainly because governments worldwide have been actively supporting the use of solar energy. They provide solar tax incentives, reimbursements, and other financial support to boost the ROI of solar users.

Because of this level of promotion, more and more companies are exploring the industry. And as we know, the bigger the competition is, the lower the prices for the consumer!

Here are some things you should know about solar energy this 2022.

More than 2 million solar energy systems have been deployed in the United States.

Only three years after installing 1 million systems took 40 years; the U.S. reached the two million milestones in 2019.

According to Wood Mackenzie, the three millionth and four millionth solar systems will be installed in the U.S. in 2021 and 2023. This quick expansion is partly attributable to solar electricity becoming significantly more accessible. Since you don’t have to pay the entire cost upfront, zero-down solar loans and other flexible financing options have contributed to the widespread adoption of solar energy.

Aside from this, over the past ten years, the cost of solar panels has decreased by over 70%.

The average price of a solar power system after the solar tax credit is between $11,500 and $14,800. The price is now more than 70% less than it was ten years ago.

Electricity rates are continuously rising.

A solar system will enable you to produce your solar electricity, giving you a form of insurance policy against future increases in electricity rates. Grid power is becoming more expensive.

As more and more houses choose to go solar, the price of utility power will only go up. In addition to securing the 26% tax credit, getting solar as soon as possible also safeguards you from potential electricity price increases by your utility.

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