1. Favorable Pricing and the Federal Tax Credit Extension
The recent five-year extension of the Federal Investment Tax Credit through 2021 carries advantageous financial incentives for homeowners who choose to buy their solar panels outright. That’s nearly a one-third discount on your total investment. Not pocket change.
Even better, solar panels are more affordable now than at any time since the green revolution began. You thought the price of flat-screen TVs have plummeted? The average cost of a residential solar panel has dropped by a ridiculous 80% since 2008.
Let’s put that into perspective. A recent Computerworld article says, "Rooftop solar systems that used to cost as much as a luxury car five to 10 years ago now cost about the same as an economy car, or about $15,000 or $18,000 on average." With solar prices not likely to go substantially lower in the foreseeable future, the sweet spot to buy is now.
2. There’s Trust in a Trustworthy Brand
SolarIndustryMag.com says homeowners want peace of mind when choosing a solar panel manufacturer. Translation: they want to deal with the system as little as possible once it’s installed. That’s why consumers lean toward well-known brands who’ve established a track record in the solar industry, and boast a long history of innovation.
Nearly half of our 98-year history has been spent in the solar ecosphere. Starting over 40 years ago with the research and development of amorphous solar cell in 1975, Panasonic has been a solar pioneer since the beginning of the green revolution in the 1970s. In 1997, our high-efficiency solar panel HIT® set the industry standard for conversion efficiency with the state-of-art silicon heterojunction technology.
3. New High-efficiency Panels Offer More Output, Higher ROI
The key performance indicator of output yield is measured by conversion efficiency. Homeowners want a solar panel that yields the greatest amount of electricity over the longest time. Our newly set world record for module conversion efficiency of 23.8% helps them do just that. Plus, we’ve held the mark for the world’s highest cell conversion efficiency – 25.6% in our HIT® silicon heterojunction cells – since 2014.
While a best-in-class solar panel may cost 5-10% more, homeowners will realize up to 35% more savings in the long run.
Why is this important? Using ultra-thin amorphous silicon layers, HIT® panels absorb and retain more sunlight and produce up to 36% more electricity than conventional panels. Even at high temperatures, where other panels start to weaken, Panasonic panels maintain higher power output than any other panel. That means more output per square foot, fewer panels to install, and greater cost savings over a warrantied 25-year life cycle. And more free electricity.
A GTM Research report states by 2020, direct ownership of rooftop solar systems will surpass third-party ownership (aka leasing deals) in the U.S. residential solar market. The points outlined in this article are solid reasons why this trend is changing.
Sources: article, "Solar shift: Falling costs make owning better than leasing", Computerworld.com, 5/3/16; article, "Residential Solar Panels on the Rise: The Case for Outright Ownership", SolarIndustryMag.com; EnergySage Solar Marketplace Intel Report; greentechmedia.com – GTM Research/Solar.