A new bill will provide huge incentives for homeowners looking to install solar.
Sunday night the U.S. Senate passed a tax and energy bill that—if it passes the U.S. House of Representatives—will provide $369 billion of tax credits and other incentives to clean energy producers.
Sunrun CEO Mary Powell says that with the new bill, customers could save up to $1,800 a year on energy bills if they convert to solar.
Those switching to solar could receive a tax credit up to 30% of the total cost of a solar installation. Customers can also claim a tax credit for batteries used to store excess solar energy. As part of the bill, these tax credits are locked in for 10 years, Barron’s reports.
Sunrun provides residential solar panels and sells and leases batteries for energy storage. After the Senate advanced the bill, Sunrun’s stock was up 4%. It has grown 30% in the last month.
Powell believes that other incentives in the bill could push more people toward solar. The legislation gives tax credits for electric vehicles and more energy efficient home appliances, which require more electricity. With great electrical needs, more homeowners may consider the cheaper option of solar.
Even before the new legislation, many Americans were already considering switching to solar. In Texas, a greater number of residents are reevaluating their energy needs.
Kosmos Solar employee Craig Thrush says that his company is receiving twice as many calls about solar installations. The majority of callers are looking for ways to reduce their energy bills.
But it’s not just cost. Concern about potential power outages is also driving the interest in solar energy. In February 2021, many in Texas lost power following winter storms. The power grid collapse has caused a lack of confidence for some.
If the new energy bill becomes law, it could mean even more Americans switching to solar.