Xcel’s Rate Hike Won’t Derail Solar, as Tax Credit Extended through 2022
Joseph Romero – joencosolar.com Jan 1, 2022
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November 2021, The House of Representatives Voted to pass the Build Back Better Act. The bill contains a variety of budget and spending provisions including an extension on the 26% Solar Investment Tax Credit, incentivising the switch to Renewable Energy for American homeowners.
In July 2021, Xcel Energy began seeking approval from the Colorado Public Utilities Commission to increase rates by a total $343 million. If approved, Coloradans will see their monthly electric bills rise by an average of $9.46 and a typical small-business customer’s monthly bill would increase by $14.46.
This graph clearly illustrates the 38% increase in cost of Electricity for homeowners in the U.S. between 1990 to 2020. The majority of this increase took place between 1990 and 2008, stabilizing in 2009, but is a shift in consumer sentiment towards zero emission alternatives bad news for the nation’s largest power providers?
Solar energy in the United States is booming. Currently the solar industry only generates 4% of U.S electricity, a small portion until you consider that’s more than 80 times its share just a decade ago. In fact, the solar industry aims to produce 30% of all electricity generated by 2030. To keep pace, power companies like Xcel have committed to cut all greenhouse gas emissions by 2050, but will they make the transition in time?
Some people go solar to reduce their carbon footprint, others are excited about the tax incentivised solar program, but the question the majority of Amreicans want answered, “Is going solar a good investment?”
The exact answer depends on the size and condition of your roof, how much power you use and a few other factors all of which can be determined for free by one of our solar advisors. Send us your most recent electric bill via the form below. Someone from my team will personally review your information and answer any questions you might have.
Solar Savings Calculator
Congress Extends Solar Incentives Through 2022
Power companies are fighting an uphill battle they are sure to lose and they’re blaming customers who are taking advantage of massive government savings programs. Specifically, they are blaming Colorado Solar Incentives that encourage homeowners to use clean energy by reducing solar power projects to $0 installations.
Until now, solar panels were less about saving money and more about environmental protection. In order to get more people to switch to clean solar energy the federal and state governments are highly incentivizing homeowners who live in specific zip codes to go solar with $1000’s of dollars in rebates and incentives that can cover 100% of the costs associated with a new solar panel installation.
When homeowners visit Joe & Company to see if they qualify, many are shocked to learn that solar panels can be installed on their home with no upfront costs after rebates and solar incentives. You can use this tool to help calculate your savings by entering the cost of your average monthly electric bill. In many cases, customers are saving up to 50% on the cost of powering their home each year.