In 2007, the west coast got swept up in solar energy growth. Ed Fenster, the co-founder of Sunrun, was revolutionizing the idea of solar energy for residential spaces. Instead of paying thousands up thousands of dollars to go green, Fenster came up with a better plan. Coming out of San Francisco, the entrepreneur thought it wise to lease the solar panels. This gave homeowners a way cheaper option. It is now a highly successful business plan. And, as a homeowner, it’s an option with a tax credit that many found attractive. Hence, a solar energy boom that spread throughout the country.
Tax Credits During the Solar Energy Boom
When you’re a homeowner, there are new expenses that you have to consider. For instance, the cost of energy that you’re using. You start brainstorming ways that you can save money and how you’re impacting the environment. As a homeowner, you want to save money. When Fenster started his solar energy company, he had a bright future in mind. Even though only 8.775 megawatts of solar energy were on the US grid in 2007, he saw the value. That’s also when Congress stepped in. Congress had just passed a bill allowing residents and businesses to deduct 30 percent from the cost of installing new solar panels from their taxes. This was great news for everyone. Now, homeowners and investors alike were interested in this green movement.
Green Home Ownership
In late July, Congress went back to the voting. They introduced a bill that would decrease the percentage of tax credits one would receive for renewable energy. It’s not the best way to tackle a way to reduce greenhouse gases overall. What does that mean for homeowners? It would likely mean that the cost would creep up on purchasing solar power. It’s something that Fenster and others in the industry shake their head at. “It’s Economics 101: If you want more of something, make it cheaper,” he says. New tax credits are being proposed and tossed around in Congress now. Notably, a solar investment tax credit is being pushed by those in the industry so that a larger supply can be met.
Owning a home comes with far more than furnishing and starting a new family. There are many nuances and other costs that come along. We’ll take care of the big one—getting you into the home, stressfree.