Solar power is one of the cleanest, most efficient energy sources at the moment. When trying to incentivize people to switch to solar, most providers emphasize that this move would be great for homeowners’ budgets.
So, what are the financial benefits of solar energy, really? Can it actually save you money and make your home more valuable? And is there a way to go solar without giving too much money up-front? Read on to find out!
Lower Power Bills
If you go solar, you no longer have to depend on your utility company for power. Any excess power you produce will either be sent back to the grid for energy credit or stored in your power storage. Thus, your power bills will become significantly lower. That will especially be the case during the spring and summer when solar panels are at their most effective.
Of course, it is important to note that a solar system is not a small investment. It is quite expensive, so it is a big step for most homeowners. Still, the money you save on bills, in the long run, will more than make up for the hefty sum you have to give up-front.
Another fact that works in favor of solar panels is their longevity. Once you install them, they will produce enough energy to power your home for at least 25 years. Thus, your bills will become even lower once you pay off the panels completely. At that point, you will truly be able to put some money away or invest it in other ventures.
Lucrative Buying Options
Speaking of purchasing solar panels — there are quite a few government tax incentives that can help you. In fact, these incentives can offset around a third of the entire system’s price, which translates into thousands of dollars saved. The current 30% credit incentive is valid through 2032, when it will be considered again.
Besides the government, some states also offer solar incentives to their citizens. That is especially the case in states with the most solar homes, including Arizona and California.
Finally, you can also take advantage of lease agreements or loans. In other words, you can go solar without any immediate out-of-pocket investments. And if your loan or lease payment is lower than your average power bill was, you’ll also get to save some money each month.
Increased Home Value
With solar energy becoming so popular, many people have started looking to buy homes that already have solar systems installed. Due to this fact, solar homes have become infinitely more attractive to buyers. That, in turn, makes them more expensive.
Thus, if you install solar panels, your home’s value will increase. In fact, according to the Lawrence Berkeley National Laboratory, homes with solar panels sold for about $17,000 more than those without them, on average. In addition, solar houses sell around 20% faster, as finding buyers usually does not take more than a month.
So, if you are planning to sell your house in about a decade or so, consider installing solar panels. The investment will definitely pay off, and your home’s value will skyrocket. Therefore, you’ll be able to buy a bigger home or move to a better area.
To Sum Up
It is no surprise that solar providers always highlight the financial benefits that installing solar panels can bring. After all, going solar can help you save money on utility bills and increase the value of your home.
Furthermore, you also get to take advantage of various tax incentives and credits, so going solar doesn’t have to hurt your budget at all. Just make sure you partner with a reputable solar company, and getting solar panels will be the best move for both your home and your budget!