While you may argue for or against the recently passed stimulus bill, they may have gotten at least one thing right. Nestled within it is a provision that will allow for a 30 percent tax credit for any new installations of solar panels for home use.

This is great news if you’re considering going green and adding some solar panels to your home in order to lower your power costs. The good part of this is that it can be used with any state or local rebates that you may be able to take advantage of. So if your state or municipality provides a 20 percent credit, when you combine that with the federal credit, you’ve effectively cut the price of a new solar panel installation in half!

Now, your payback time will decrease by at least 30%, the amount of the rebate. If you also take into account rate increases that are likely to occur in the near future, you’ll start to see that installing home solar panels is really one of the best investments you’re can make.

Also, depending on your location, you could also be able to get a low interest loan to borrow the cost of installation. Many states and municipalities are offering lower interest rate loans that are designed to speed up the adoption of solar power.

With all things considered, and the likelihood that electrical rates will continue to increase at an alarming rate, there is no better time to invest in solar panels for your home than now.

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