The solar industry is booming, and it’s a smart investment. Although purchasing a solar energy system is a substantial upfront purchase, the initial outlay can be offset by savings on your electric bills.
Additionally, federal and state incentives can significantly lower your out-of-pocket costs. If you’re considering going solar, read on to learn the top benefits of solar energy: 1. It increases your home value.
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Increase Your Home’s Value
Solar energy can increase the value of your home. Potential buyers are more likely to pay a higher price for a house with solar panels or a solar power system.
Solar power systems can help homeowners save money on their electric bills, and they may even be able to live off-grid. In fact, according to a study published in the Appraisal Journal, homeowners can expect a home valuation boost of $20 for every dollar saved on utility bills by going solar.
This is why it’s important to consider the long-term financial impact of a solar power system before deciding to invest in one. While it may take a while to get a return on your investment, savvy homeowners understand that this is a smart choice that can provide substantial savings over the years and help the environment. This is why more and more people are choosing to go solar. As a result, solar is one of the fastest-growing industries in the US.
Lower Your Utility Bills
The upfront cost of a home solar energy system can be offset by state incentives and a 30% federal tax credit. Once your system is installed, you’ll generate free electricity for 25 years or more.
The energy produced by your panels gets saved in the electric grid through net metering, so it can help reduce your electric bills. You can monitor your energy consumption with a monitoring system to get more insight into how much electricity you use throughout the day.
Many homeowners can dramatically cut their monthly electric bills by investing in solar energy; some can even eliminate their electric bills. Depending on your solar system’s capacity, local utility rates, and energy usage, you can save up to $350 monthly.
With non-renewable power sources like coal and natural gas becoming more scarce, solar power has many benefits because it is a safe, clean, and sustainable alternative to fossil fuels. Plus, it provides peace of mind that your electricity will never run out as long as the sun shines. That’s a lot of peace of mind for an investment!
Reduce Your Carbon Footprint
Solar energy is a clean, renewable alternative to fossil fuels that doesn’t release harmful greenhouse gases. It also doesn’t require water resources for operation, which helps reduce the risk of future droughts and other water pollution problems.
Fossil fuels such as coal and natural gas use a significant amount of water for cooling, putting a strain on the world’s freshwater supply. Using renewables like solar power can help protect the environment and ensure that future generations can access fresh water.
While the initial investment of solar panels is an upfront cost, consumers can easily break even by saving money on their energy bills within a few years and reaping the benefits of their system’s longevity.
The environmental impact of a solar energy system can be mitigated by selling unused electricity back to the grid through net metering programs. This provides additional savings on your monthly electric bill and can help make your green investment even more worth it. This enables you to achieve energy independence while helping to protect your home against rising electric rates.
Increase Your Home’s Value
Solar energy is a smart investment whether you plan to sell your home soon or consider making it your forever house. It increases your home’s value, lowers your electricity bills, and offers tax credits to homeowners who invest in solar power.
Solar energy systems are most effective at generating electricity during the 11:00-16:00 time frame when electric demand peaks. If you generate more electricity than you use, the excess is sold back to the electric company and offsets your monthly electric bill.
Some people may think they can’t benefit from solar power if they live in an area with cloudy weather. However, batteries can store solar energy when the sun isn’t shining.
Many states offer amazing tax incentives for solar that allow homeowners to save on their upfront investment and make money on their monthly savings for years to come. As a result, homes that feature solar panels or battery storage are typically listed for less time and sell at higher prices than comparable non-solar homes.
Increase Your Home’s Appraisal
Investing in solar power can increase your home’s appraisal value because potential homeowners know they’ll pay less for electricity bills. They’ll also enjoy the benefits of net metering, where they can send excess energy back to the grid and get compensated for it.
Solar panels are becoming more affordable and reliable, making them popular for environmentally conscious homeowners willing to pay a premium.
A study by the Appraisal Journal estimated that homes with solar energy systems have a 4% higher home valuation. However, that calculation only accounts for a few factors. For example, solar energy systems are more valuable when they’re newer. Also, the energy savings from a solar system will be greater if it’s larger. If you’re not interested in investing in a large solar energy system, you can join a community solar program and reap the same benefits. Many people find it easier to start with a solar power system when they lease it rather than buy it.