While people often recommend having home solar as a sustainable solution that can help the environment, it is also an investment that will bring multiple financial benefits to your household. These financial benefits not only can save you money when purchasing a home solar energy system but can also boost your resale value.
When you hear about the money that you can save, purchasing solar panels might sound like a great decision. After all, who would not want to save and earn money at the same time? But how real are these claims in the first place? This article will discuss the different financial benefits you can get from utilizing solar panels for your home.
Ways Home Solar Can Save and Make You Money
Below we will discuss 4 ways that a home solar electric system can not only save you money but also serve as a valuable asset for your home.
#1: Savings: Solar Panels Can Help You Cut Energy Costs
Your electricity bill can take up a large portion of your monthly expenses. Unfortunately, it is something that will not lower overtime on its own.
However, once your solar panels are installed, all the energy they will produce is yours to use. During the day, they will continuously generate power for your household. Any unused energy will automatically get transported to the grid under your name via solar credits. These credits are subtracted from your monthly expenses, making your energy bill smaller than usual.
In short, solar panels can either dramatically reduce your energy bill or completely get rid of it, depending on how much energy you consume.
#2: Incentives: Utilizing Solar Panels Can Help You Earn Through Tax Incentives
The act of installing home solar will automatically make you a beneficiary of certain tax incentives. Any residential owner with a solar power system is entitled to receive solar ITCs or investment tax credits.
These credits’ value depends on many factors, but it is usually equal to a percentage of the equipment and installation cost. This benefit can help you minimize the upfront costs you can expect to incur.
#3: Value: Installing Solar Panels Can Help Increase Your Property’s Value
Solar panels are a form of home improvement. People see them at the same level as home renovations. Many potential homeowners want sustainability in their future homes, and having solar panels can attract many possible buyers. This energy-efficient home feature can increase your property’s value by up to four percent.
#4: Longevity: You Can Utilize It for a Long Time
The expected lifespan of new solar panels is around 40 to 50 years. That is a long time to enjoy all the economic and energy perks of your investment. The panels also have an average degradation rate of 0.5 percent. That means even after your 25th year of using them, you still have around 88 percent of their operating capacity, which makes them an excellent purchase.
The most common reason people switch to home solar is to cut energy costs and contribute to improving the environment. No matter how convincing it sounds, a solar panel system is an investment that people usually hesitate to pursue because of its high upfront cost. While this can be true for some suppliers, you can always find more affordable options by working with a local installer. Moreover, you will enjoy all these financial benefits to offset your upfront cost in the long run.
If you are looking for energy and roofing solutions to help you with your finances, investing in solar panels can give you all the benefits mentioned above. Simmitri is the best solar power installer in Northern California. We provide free analyses, for both residential or commercial properties. Contact us today to learn how we can help.