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Have you been thinking about installing solar panels on your home in the coming months? You’re not alone! This year, our team has seen firsthand that Charlotte solar panel installations are on the rise, as homeowners look for ways to take advantage of solar energy.  Why has there been such an influx of interest in solar power this year in the Queen City? Below, we’ve outlined the top 3 reasons that solar panels are becoming more popular. 

1. The Solar Federal Tax Credit Increased

When the Inflation Reduction Act was passed earlier this year, it had a significant impact on tax credits for solar installations. Now, the Solar Investment Tax Credit allows customers to receive 30% back on their solar panel system price over a set period of time.  This credit can also be applied to energy storage units when purchasing a PV solar system, helping you to save even more.  With this tax credit increase, we encourage Charlotte homeowners who are interested in solar power to take a step back and consider the big picture of investing in solar. We think you’ll find that investing in solar power now will save you thousands of dollars down the road that would otherwise go toward your utility company. 

2. The Fixed Interest Rate for Solar Installations Is Between 1.49% – 3.99%

You’ve likely noticed that mortgage interest rates are quickly on the rise, currently sitting around 7.2%. As you can tell, now is not the best time to buy a home. The interest rate for solar panel installations, on the other hand, is currently fixed between 1.49% – 3.99%.  When you invest in solar power, your home value will increase as a result, making it a smart decision that you can enjoy now and that will add to your resale value in the future. If you’re interested in solar power, we encourage you to invest now, while solar rates are significantly lower than interest rates. While the rate is fixed for the time being, it will go up and you don’t want to wait until it does!

3. The Cost of Energy Is Increasing

Another reason that Carolina homeowners are taking advantage of solar power now is that the cost of energy is on the rise. Duke Energy recently announced a 16% rate hike plan in North Carolina for the next three years.  Similarly, Duke Energy Progress South Carolina has also proposed a 14.4% rate hike for three years. If you want to avoid these rate increases, invest in solar power now and gain independence from your utility company. 

Schedule Your Charlotte Solar Panel Installation

Are you ready to join your neighbors in taking advantage of solar power? Trust the SHS Pros team for your Charlotte solar panel installation project. Our team will evaluate your home to develop a solar panel solution that will work best for your needs.  As you can see, there’s never been a better time to start taking advantage of solar power. When you’re ready to take the next step, contact us to request a free estimate.