Preparing for the future

As society advances alongside pandemics, geopolitical turmoil, and economic uncertainty, renewable energy technologies pose a solution that makes adopters financially resilient and sustainable. As home and business owners, how do we decide when is the right time to adopt these technologies that reduce emissions, save money and provide the energy that runs our everyday life? We will discuss waiting vs. choosing now to be the time to electrify your life with advanced renewable energy technology.

Technology improvement over time vs. saving now

As discussed in the State of US solar blog, the cost of electricity from solar panels has never been cheaper. Despite a slight uptick in costs due to labor and panel prices, generating energy using solar photovoltaics (PV) is the most affordable in history. With the IRA passed, we will see incentives on a Federal scale stewarding mass adoption at a 30% tax credit with homeowners, businesses, utilities, and governmental and Non-profit organizations as the primary beneficiaries. 

Waiting to buy:

Inflation aside, below is information on when and why to acquire these renewable energy technologies! 

Solar array in Seattle

Solar PV

Solar price drops and increased efficiencies are a few aspects that make potential adopters pause about when they should implement this energy-generating solution. The trend is slowing as labor and solar panel costs have recently increased alongside residential electricity prices. If you wait to install solar panels, you are waiting on money saved by not paying for electricity. With PSE’s proposal to increase electricity and gas prices  over the next couple of years to recoup costs, solar is a great way to hedge against short and long-term price increases in electricity. If you were to install solar to offset the average annual energy bill of $1,410 you would save at least the average 3.8% increase in electricity costs each year, so, $1,464, then $1,518, and so on.

VERDICT: Go Solar Now

Four Enphase IQ 10 battery installation

Battery Storage

With no Time-of-Use pricing for electricity in WA, battery storage will not provide a direct ROI for homeowners. Instead, they are the critical pairing with solar to create a home energy management system. With battery storage, you can fully utilize the solar energy panels are generating and store them in the batteries for use during grid outages. Battery storage is price prohibitive, but assuaged with the new standalone credit of 30% makes the decision that much easier. Lithium-ion batteries are a proven storage technology that, in years to come, homeowners will have many companies to choose from whether they want grid-tied or off-grid applications.

VERDICT: Wait unless you have 3 or more blackouts each Fall and Winter Season

Silver Ford F-150 Lightning Pro

Electric Vehicles (EVs)

Even if you wanted to acquire an EV today, you’d still have to wait. The high demand for electric cars makes it more challenging to find the exact model and all-electric vehicle that will propel you into the future! Paired with the new set of EV Tax Credit qualifications, over 70% of EVs available today are not eligible for the full $7,500 tax credit. As the new tax credit settles in and each year passes, more EV options will be available for consumers like you and me. I believe waiting for an EV is the right decision as we can see how automakers adjust to the recently passed IRA affects their operations and let the competitive market play out in our favor. 

VERDICT: Wait for more options and qualified EVs for the full tax credit

Smart Panel/Panel Upgrade

For most of us, acquiring a solar panel or battery storage system, a smart panel or EV, is a considered purchase that we plan for weeks, if not months, ahead of time. After deciding that you want to own one of these renewable energy technologies, research what company can provide the best experience. NWES, as a professional electrical and solar contractor, understands what is needed for homeowners to have the best solar PV and battery system for their homes. So we make it easy for you to choose what size of solar or battery system you want, as we will do for EV chargers for your new EV. 

VERDICT: Wait until you need to upgrade to account for new loads.

Decide when and we will take care of how its done

For most of us, acquiring a solar panel or battery storage system, a smart panel or EV, is a considered purchase that we plan for weeks, if not months, ahead of time. After deciding that you want to own one of these renewable energy technologies, research what company can provide the best experience. NWES, as a professional electrical and solar contractor, understands what is needed for homeowners to have the best solar PV and battery system for their homes. So we make it easy for you to choose what size of solar or battery system you want, as we will do for EV chargers for your new EV. 

user profile image for Manuel Larrain
Manuel Larrain
Manuel Larrain is a Chilean-born US citizen who studied business and sustainability at Western Washington University. Solar energy is his passion, as it is transforming how Washingtonians power their lifestyle. He believes we can address climate change, environmental justice, and steward a brighter future for all of us through renewable energy.