4 Things to Know about the Solar Industry in 2021

Ever since solar power arrived on the market as a viable energy source, it’s been an exciting, rapidly-evolving field. This year will be no exception! Our team of solar experts at Green Alternatives is closely watching new developments to ensure we are staying on top of industry trends for our customers. Amid policy shifts and innovations coming online by the day, now is the time to invest in solar technology for your home, business or agricultural operation! Read on to learn more about the biggest developments shaping the industry this year and why investing in solar technology today will pay off for years to come. 

Extended incentives at the federal level in the newest COVID-19 stimulus package. 

There’s been much conversation surrounding the second round of stimulus checks tied to the federal relief package signed a few weeks ago. However, it also extended vital tax credits that could lead to big savings on your solar system installation. The bill included a two-year extension of the Solar Investment Tax Credit, with residential and commercial projects receiving a 26 percent credit through 2022 before it begins to decline through 2024.

Solar Investment Tax Credit Extension

2021202220232024
Residential26 percent26 percent22 percent0 percent
Commercial26 percent26 percent22 percent10 percent
Source: Solar Energy Industries Association 

Changes to net metering still underway in Indiana. 

Right now in the Hoosier State, solar users can shave money off their utility bills to reflect any excess energy their solar panels send to the grid. The mechanism known as “net metering” is currently set to end in 2022. The good news: Systems installed before July 1, 2022, can still enjoy net metering benefits and receive the full retail credit until 2032. At Green Alternatives, we are already seeing a jump in interest for solar installations ahead of the deadline, so reach out to us and book your project today!

Solar installations quickly recovered from impacts of the pandemic.

Solar energy showed its ability to contribute to economic growth during an unprecedented year. A new report found solar accounted for more than 40 percent of all new electric generating capacity additions through the third quarter of last year. The report, which reflects the most recent data available, noted that solar outpaced any other electricity source – and renewable energy is forecasted to continue to boom in 2021.

Talks of combining agriculture and solar energy will continue to grow. 

Farmers are increasingly seeing the benefits of using solar energy to help power their agricultural operations and homes. All signs point to awareness continuing to grow for this important sector – and we’re definitely seeing this trend play out locally! 

Throughout 2021, we will make sure to update our customers on developments in solar and renewable energy. At Green Alternatives, our team of solar experts is skilled to handle any project that comes our way. We are known for getting the job done – and done right! Reach out to us today by phone at 765.480.2423 or by email at gai@solargai.com

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