2019 was a big year for solar energy. The residential sector set a new installation record in the third quarter by adding over 700 megawatts (MW) of solar energy. The pipeline of utility-scale projects nearly doubled. States got serious about renewable energy by enacting legislation to help them boost their renewable energy portfolios1.
In 2019, New York, Washington, New Mexico, Maine, and Nevada enacted legislation for state-wide goals of 100% renewable energy before 2050. New Jersey, Connecticut, Virginia, and Wisconsin issued executive orders to achieve the same goal. Maryland enacted legislation for 50% solar energy by 2030, and are laying the plan for their state’s 100% goal.
Across the country, people from all walks of life got serious about taking charge of their electricity. They discovered that there’s a better way to power their lives -one that costs less and doesn’t harm the environment. They’re making a difference for their businesses, homes, communities, and planet.
Changes for 2020
With the start of the new decade comes the step back of the solar investment tax credit. Since 2006, this program allowed solar owners to save 30% of their solar installation costs through a reduction in their owed taxes. In 2020, that 30% stepped back to 26%.
In 2021, this credit will step back again to just 22%. Then, from 2022 and beyond, it will remain as just a 10% credit for commercial projects only, and go away completely for residential projects.
What does that mean for you? If you’re looking to install a solar system or expand a current system, the time to do so is now. No gains in panel efficiency or reduction in installation costs will be enough to make up for missing out on the tax credit.
2019 for Paradise Energy
2019 marked Paradise Energy’s 10th Anniversary. We celebrated by doing what we do best - installing solar so businesses, farmers, and homeowners can save money on their electricity and be good stewards of God’s abundant resources.
We helped 196 solar owners install 10.51 megawatts (MW) of clean, renewable energy. These systems will have a real impact on the environment. Each year, the clean energy they generate will offset:
- 211,200+ trees
- 19,000+ barrels of oil
- 8,900+ tons of CO2
But our systems help more than just the environment. They also help their owners. The average system came with:
- A 10.26% ROI
- A payback period of 11.8 years
A huge fact or in the success of our 2019 was the strength of our team. Over the year, that team grew with 12 new employees, rounding us out to 75 solar professionals. In 2020, we’re continuing to grow our team. Click here to check out our open positions.