How do solar panels save you money?
Besides being environmentally friendly, solar panels are also money savers! Your solar panels basically pay for themselves throughout their lifetime. On top of being environmentally friendly, there are so many other incentives to go solar! Keep reading to find out the ways solar can save you money!
Solar panels have lowered in price throughout the last decade. Plus, there are amazing solar incentives that will save you even more money on your purchase! Solar is environmentally friendly by reducing the amount of fossil fuels being used to power homes. Since solar benefits the environment and is green energy, there are incentives such as the solar tax credit (ITC) which allows you to deduct 26% of the cost of your solar install! This applies to residential as well as commercial systems!
On top of the solar incentives, there are cash rebates, state tax credits, solar renewable energy certificates and performance-based incentives for your solar panels!
Cash Rebates:
Certain states, utility companies, and municipalities offer straight forward rebates for installing a solar system for your home or business! These rebates usually only last for a limited amount of time, and aren’t valid after a specific amount of people have installed solar in your region. These cash rebates can lower your system’s price by up to 20%, so you’ll want to go solar as soon as possible, as to not miss these amazing deals!
Increase Home Value
Solar energy systems often increase the value of your home. However, most states do not count that value increase as part of the taxes, and some states do not charge sales tax on the solar energy system!
Solar Renewable Energy Certificates (SRECs):
Many states offer renewable portfolio standards, which need utilities to generate a specific amount of electricity from renewable sources, one of those being solar power. Your solar panels create these SRECs depending on how much electricity they produce. By selling your SRECs you can gain hundreds to thousands of dollars a year in income, but the amount depends on your state!
Besides these incentives to go solar, there are even more ways that solar saves you money! The biggest benefit to going solar is the fact that it saves you money on your electricity bills! Your solar system can help to greatly reduce electricity or even eliminate your bills significantly over time! As you continue to use your solar energy system for most or all your electricity needs, you will lower your overall electricity costs. The amount you can save with a home solar energy system will depend on the size of your system. It also depends on how much electricity you are using.
Lastly, your solar system will save you money by upping the resale price of your home! Solar is only getting more and more common, and having solar for your home will be extremely beneficial when getting ready to sell! The national average home value sales price increases by 15% over homes that do not have solar installed due to the mere fact that the next homeowner will not have an electric utility bill.
Solar is an amazing investment for your home. With solar, will save you and even MAKE you money in the long run! Solar systems pay for themselves, call us today for a free solar consultation!
