August 1, 2022
Reasons To Invest In Solar While Working From Home: As employees across the country set up home offices, the epidemic caused the majority of America’s workplaces to be vacant. Although for many, this appeared to be a short-term circumstance, it is now evident that many employees are opting to continue working from home, and many businesses are also embracing this notion. If you fall into such a category, you might want to think about the benefits of installing solar panels on your house.
Solar energy is a fantastic way to reduce the cost of your home’s energy usage. You have the option to construct a system that will more than meet your power demands if and when you do return to a corporate office environment, because your consumption is now greater than it would be if you were working at your company’s office. Although your rising consumption necessitates the addition of a larger solar photovoltaic system to your home, it also gives you the chance to optimize the size of your system to meet your demands.
According to the National Bureau of Economic Research, “Americans spent $6 billion more on at-home power consumption from April to July 2020 than during normal times, nearly offsetting a decline in business and industrial demand.” The increase in residential consumption was caused by increased home heating and cooling demands, workers participating in virtual meetings, running computers, printers, lamps, and other electronic devices all day long, as well as increased home heating cooling demands. As a result, energy expenses have shifted from businesses to workers, with many individuals experiencing considerable increases in their personal electricity bills.
You may deduct 26% of the cost of installing a solar energy system from your federal taxes using the federal solar tax credit, generally referred to as the investment tax credit (ITC). However, for residential buildings, that percentage drops to 22% in 2023 and disappears in 2024, while commercial projects see a permanent reduction to 10%.
There is no maximum system size that the ITC may be applied to; it applies to both residential and commercial installations. You may continue to enjoy the benefits of working from home without it being a big negative factor on your monthly power bill by making arrangements now to invest in a solar PV system for your house.