Are you weighing the pros and cons of a solar installation for your home? Solar energy has recently become a topic of major importance, with new green energy initiatives popping up everywhere.
If you’ve done your research, however, you know that a full solar system for the typical home generally costs around $14,000. Therefore, you’re probably wondering, “Is transitioning to solar power worth the costs?”
We think the answer is a resounding yes and we’re going to tell you why. Keep reading to learn about the top four astounding benefits of solar energy.
1. Save Money Each Month
One thing about solar electricity that you already know is that it will save you money on your energy bills. However, do you know how much money it will save you? Let’s break it down by the numbers.
The average energy bill in America is about $118 per month. That means you’re paying over $1,400 a year for electricity.
By investing in solar power, you can completely eliminate this expense. After 10 years, this alone will pay for your solar system. But there are many more savings to be had.
2. Earn Valuable Tax Credits
One of the most valuable benefits of solar energy is the one awarded by Uncle Sam. Right now, homeowners who invest in green living and install a solar energy system can get 26% of their costs returned by reporting their expenses on their taxes.
Using the example above, if you opt for a whole-home solar installation for $14,000, that means the federal government will return $3,640. Now, your solar system will pay itself off even faster.
3. Increase the Value of Your Home
Now, let’s talk about the underlying benefits of solar energy – increased equity in your home. When you install solar panels, it adds a substantial amount of value to your home. What you do with this added equity is up to you.
For example, if you decide to sell your home in the future, you’ll be able to raise your asking price. If you have no intentions of selling, however, you can always refinance, take out a HELOC, or use the equity to pay off other debts.
4. Take Advantage of State Incentive Programs
Depending on where you live, hiring a solar panel company to help you generate solar electricity could include some major state incentives. For example, many states offer a program called net metering. Your energy production will be monitored and you can earn money for producing certain amounts of solar electricity such as solar air conditioners in Indonesia.
Additionally, some power companies will pay you for any energy you produce but don’t use. Payment can be awarded via energy credits or cash.
Finally, some states will waive the increased value of your property on your property taxes. This way, you won’t be paying more on your taxes, even though the value of your home has increased.
Ready to Experience the Benefits of Solar Energy for Yourself?
As you can see, there are countless financial benefits of solar energy. Are you ready to invest in a solar installation so you can start saving and earning money? If so, contact a local solar company today.
And if you’re looking for more homeowner advice or financial tips, look no further. Our blog was created to help readers like you find the information they need to improve their lives.