There’s a big new solar tax credit in town.
A federal incentive expanded in 2022 through the Inflation Reduction Act can offset 30% of the cost of a residential solar installation. That’s obviously good news for individual customers — but it’s also great news for the solar industry as a whole.
With a decade’s worth of certainty built into these federal incentives, the price of solar is poised to continue its precipitous drop, and become even more accessible for American homeowners. While inflation and higher interest rates have thrown some curveballs, the industry still set a record for rooftop solar installations in 2022.
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“If anything, the IRA just helped supercharge an already-hot market,” said Shawn Rumery, senior director of research for the Solar Energy Industries Association.
Here’s what experts are saying about how the cost of solar is changing — and what you can expect in the next five to 10 years.
Costs will continue to drop
The cost of solar has been falling for a long time.
“Over the last decade, prices have come down by over 50% in the residential space,” Rumery said.