Arizona Property Owner Recommends Solar Investment Tax Savings
In Arizona, the sun’s abundant rays are not just for basking but also for banking energy savings, thanks to the Inflation Reduction Act’s extended Solar Investment Tax Credit. Homeowners who opt for solar installations up to the year 2032 are set to benefit from a generous 30% tax credit. This incentive is a boon for those looking to reduce their carbon footprint while also curbing household energy costs. However, it’s worth noting that post-2032, the credit will taper off incrementally each year.
Will Humble, the executive director of the Arizona Public Health Association, is one such homeowner who has embraced solar power in 2023. Alongside his wife, Humble embarked on the solar journey, driven by the dual motives of cost efficiency and environmental stewardship. “Tackling climate change requires a collective effort,” Humble asserts. “It’s about individual responsibility as much as it is about governmental measures. We’re committed to being part of the solution, and that means investing in sustainable practices at home.”
The U.S. Department of Energy underscores the financial viability of this shift, estimating that the expanded tax credit could mean an average of $9,000 in electricity bill savings over a solar system’s lifetime. For Humble, the tax credit has slashed the payback period on his solar investment from an estimated 11 years to just seven, factoring in the tax relief and anticipated utility savings.
Humble’s solar conversion was facilitated by Solar United Neighbors, a cooperative that aggregates community interest to negotiate better rates on solar installations. This collective approach to “going solar” empowers neighborhoods to secure more competitive pricing and simplifies the decision-making process. “Joining the co-op was a game-changer,” Humble shares. “It provided us with the community support and purchasing power we needed to make an informed and cost-effective decision.”
The benefits of Humble’s solar investment have already become apparent. His system is producing more electricity than his household consumes, allowing him to sell the surplus back to the grid. Looking ahead, Humble is contemplating the addition of a battery storage system to capture and store this excess energy, further optimizing his home’s energy efficiency and resilience.
Arizona’s sunny disposition is now matched by its sunny prospects for homeowners like Humble, who are leading the charge towards a brighter, greener future.
