Last week, it was revealed that the U.S will be imposing an increase of as much as 30% on their tariffs on solar-panel equipment imports.
Since then, I have had a few homeowners ask my take on this whole solar power situation. Whether they should invest in solar power now before the tariff increase or should they wait? And how will it affect them as a homeowner?
Here is my take on it. (By the way, this is nothing political whatsoever. I am looking at this on a neutral stand point. Purely economic perspective.) In the short term, yes, I do believe that things are going to get a little uncertain. Prices on solar panel equipment will go up and jobs may be lost in the process.
In the long term, I believe we will be better off. Through competition and innovation, companies will realize there is an opportunity to create better products at a cheaper price. We can see this trend in the electronics industry where new technology tends to be expensive and faulty at the beginning. But through competition, better products eventually come out at a more affordable price, thereby benefiting homeowners’ pockets.