California residents have been making the switch to solar power for years, taking advantage of the state’s abundant sun and generous incentives. However, the game is changing, and time is running out for those who have yet to make the switch. With the recent announcement of NEM 3.0 and rising utility rates, it’s more important than ever for Californians to act now and install solar panels on their roofs.
NEM 3.0, or the “Net Energy Metering 3.0” program, is set to launch in 2023 and will result in major changes for homeowners who generate their own solar energy. Currently, under NEM 2.0, homeowners who generate excess solar energy can sell it back to the grid and receive credit on their utility bills. However, under NEM 3.0, these incentives will be reduced, and the payback period for solar panels will be significantly increased.
This means that if you’re considering going solar, now is the time to act. By installing solar panels before NEM 3.0 takes effect, you’ll be able to take advantage of the current incentives and lower payback period. This will allow you to save more money in the long run and make a more significant impact on the environment by reducing your carbon footprint.
In addition to NEM 3.0, utility rates are also on the rise. Utility companies across California are planning to raise their energy rates in the near future. According to a recent article, PG&E, the state’s largest utility, has announced plans to increase rates by an average of 2.9% in 2023. This may not seem like a lot, but it adds up over time, and it’s a trend that is likely to continue in the coming years.
If you’re still not convinced, here are a few more reasons why you should go solar now:
- Tax Credits: The federal government offers a 30% tax credit for solar panel installations. By installing solar panels now, you’ll be able to take advantage of this tax credit and reduce your upfront costs.
- Little Maintenance Costs: Solar panels require very little maintenance, which means you’ll save money in the long run compared to traditional forms of energy.
- Increased Property Value: Studies have shown that homes with solar panels sell for more and faster compared to homes without solar panels.
- Reliable Energy Source: Solar panels generate energy even during power outages. Paired with battery storage, you will always have a reliable source of energy for your home.
- Good for the Environment: Solar panels generate clean, renewable energy, which helps to reduce your carbon footprint and protect the environment.
It’s important to note that the benefits of solar power go beyond just saving money on your electricity bills. By making the switch, you’ll be helping to create a more sustainable future and doing your part to fight climate change.
So, if you’re a California resident, now is the time to go solar. Don’t wait any longer, or you may miss out on the chance to save more, help the environment, and increase the value of your property. If you’re not sure where to start, reach out to our solar expert at +1 (408) 780-2889.