Solar photovoltaic (PV) systems convert sunlight into electricity for your home, lowering your electricity bill while generating energy in a clean manner. They are a popular choice for homeowners who want to invest in clean energy since they increase the value of a home and have easy installation. Thanks to the Solar Investment Tax Credit (ITC) and the Inflation Reduction Act of 2022, homeowners can save up to 30% when purchasing solar panels.

Benefits

• Renewable energy source.
• Reduces electricity bills.
• Low maintenance.
• Low environmental impact.
• Flexibility in installation.
• Potential for government incentives and tax credits.
• Best for high UV index states like California
• Cost: $10,000 to $30,000 for a residential installation (5-10 kW).

Disadvantages

• Space requirements
• Dependency on sunlight
• High initial cost

Tax Rebate

Solar PV systems installed will give a 30% tax reduction for that year (although you must own the PV system)