You might have heard that going solar is good. But did you know how good it can be for you and your bank account?
Let’s start with the fact that solar makes it cheaper to run your home, putting money back in your pocket for things you need. Think of solar as owning your electricity versus renting it from the utility.
Below are seven benefits homeowners receive by powering their home with the sun:
- Reduces or even eliminates your monthly electric bill.
Let’s think about this: If your panels produce enough energy to eliminate your entire bill and your monthly average electric bill is $150, then you’re potentially saving up to $36,000 over 20 years. And that’s assuming your cost of electricity stays the same, which it rarely does. Panels with lower degradation rates save you more money compared to similar panels that degrade at a higher rate.
- Helps you earn money.
In over 40 states, if you produce more energy than you use, you can actually get a credit back from your power company. The utility becomes your customer!
- Provides a tax credit.
When you take steps to make your home more energy efficient, you can claim the federal solar tax credit. Depending on where you live, there’s often a state-level tax credit or rebate as well. The current federal tax credit for solar finances 26 percent of the cost of the system and is set to drop to 22 percent next year, which is the last year of a residential solar tax credit.
- Protects against rising energy costs.
Solar is a resource that never runs out, and using it as a fuel means it’s free. Unlike traditional energy costs that fluctuate due to changes in fuel prices (oil, natural gas, coal, etc.), your future energy costs are predictable and pre-purchased. Investing in solar for your home is a way to future-proof where you live.
- Provides energy independence.
If you choose to own versus lease your system, everything is yours: the panels, the power and the benefits.
- Increases property value.
The exact numbers vary from property to property, but research shows solar helps homeowners fetch a higher asking price. And, the property value advantages only increase as you scale up. For example, installing 5KW of solar panels adds an average of nearly $30,000 to the retail value of a medium-sized home and helps you differentiate your property when it becomes time to sell.
- Helps the environment.
Last but not least, choosing solar reduces your carbon footprint because you’re reducing the total amount of greenhouse gases that are produced and released into the atmosphere to support your individual lifestyle. Unlike fossil fuels, solar energy doesn’t produce air or water pollution. When you reduce pollution, you’re contributing to better, everyday air quality that lends to better health outcomes for society.
While there are many advantages to going solar, two reasons that drive most homeowners to consider installing solar power is saving money and doing something positive for the environment.