Are solar panels a smart investment for your home? Many people wonder if solar panels are the right choice for their homes. It is undeniable that solar panels, by using renewable resources, are a greener way to power your home. However, many people wonder if the environmental benefits of installing solar panels are worth the financial cost of the solar panels. While reducing your carbon footprint is a great reason to choose solar, it is not the only benefit that comes with installing solar panels. With that in mind, we put together a list of the top three reasons other than the environment that our customers choose to go solar.
Get Tax Credits
Right now, the federal government is still offering a tax credit for solar panels. If you install your solar system in 2022, you may be eligible to receive a 26% federal tax credit for the cost of equipment and installation, making it a limited-time benefit of installing solar panels. This credit comes off of the amount of tax that you owe and can result in a one-time significant difference in your tax burden. The credit not only effectively lowers the price of your solar system but may play an important role in your financial planning.
Lower Your Power Bill
Electricity rates have been on the rise. This means that, even if you do not increase your electricity consumption, you can expect your electricity bills to continue to grow. When you install a solar system, you can reduce, and in some cases even eliminate, your power bill. Your solar system will generate power that you can use, and, when it generates more power than you can immediately consume, you can sell it back to your utility provider or store it in a battery for later usage.
How much power can your solar system provide? It depends on how many solar panels you install, where you install them, and time of year. For many homes in New Jersey, you can reliably create enough power to have a net zero of energy consumption. To determine how much money you can save on your monthly bill, we can audit your power usage and compare it with the power that could be generated by a solar installation on your property.
Boost Your Property Value
You may already know that not all home improvements offer good ROI. Solar panels do. They increase the resale value of your home. In fact, between the increase in your home’s resale value and the federal tax credits, you may be able to cover the entire cost of your solar system.
While buyers may be interested in getting a home with solar power, a solar system can offer you other benefits as a homeowner. Solar panels protect your roof from the elements, which extends the life of your roof. In addition, solar panels help keep summer heat from penetrating your home, which can lower your energy demand in the summer.