Solar energy has started to gain a lot of traction over the past decade. What was once an uncommon purchase is now seen worldwide at an increasing rate. In 2022 alone, the United States installed enough solar panels to power 22 million homes.
The question is, are the financial benefits of solar panels worth investing in them? Read the guide below to learn about the financial benefits of going green with solar.
Low power bills are among the first financial benefits people consider when investing in renewable energy. Solar energy will replace much of your current power consumption. The amount you save will depend on the size of your solar installation, sun exposure, and total energy consumption.
Many people start by purchasing installations that offer partial coverage. They use solar panels most of the time. But they still need to draw on the grid to get the rest of their power needs.
If you purchase a larger solar installation, you can completely eliminate your power bill. You produce excess energy during the day and sell whatever excess energy you have back to the power company. You get energy credits that allow you to draw grid power without paying for it.
If you want to separate from the grid completely, you can install solar panels with a battery system. Instead of sending energy to the grid, you store it in a battery system. You’ll use your battery system to power your home at night and when there is less sunlight.
One financial benefit you won’t see immediately when you install solar panels is an increase in home valuation. This wouldn’t be true in the past since appraisers didn’t consider solar installations in a home’s value. But that’s no longer the case today.
Now that solar panels have proven to save homeowners money, they are seen as a benefit to homes and will increase their value. The increase you’ll see will depend on the size of your installation and how much money you save on energy yearly.
Additionally, the popularity of solar panels has made them a great feature for homeowners looking for homes. This means you can sell your home faster if you have panels on your roof. This is an excellent benefit if you need to sell your home fast.
One major hurdle many people have when going solar is the cost. Yes, solar energy is cheaper than ever and will likely come down in price in the future. But you’re still spending thousands of dollars on your installation and won’t recoup your money for many years.
However, the government wants people to invest in solar. It does this by offering tax credits for homeowners that invest in green energy.
You can take advantage of these tax credits to reduce your installation cost. You’ll receive tax credits over several years until you get however much money you’re owed.
There are different credits based on where you live — like Solar Fresno — so look into your options. Factor these savings into your cost projections to see how much you’ll save over time and what your new payoff period for solar will be.
It’s no secret that prices are rising across the board. Energy costs are no different in this situation. They’ve regularly gone up over time as inflation has increased.
This means the rate you pay for power today won’t be what you pay in a few years. You’ll end up paying more than you expect and cutting further into your budget.
Solar panels are a one-time expense that pays itself off in the long term. You won’t owe any extra money unless you want to perform solar maintenance or use solar panels long enough for them not to work anymore.
This means you can avoid future electricity cost increases. If those increases happen in a few years instead of a decade, you can increase your payoff period for solar even more.
Solar panels offer even greater cost savings if you plan to build a new home out of the city. Unlike pre-built homes with electricity hook-ups, new homes won’t have that feature. You’ll need to pay the power company to install those hook-ups for you.
However, you won’t need to do this if you have solar panels. Since you’re generating power for your home yourself, you can avoid electrical hook-up charges you would otherwise have to pay.
These connections can cost thousands of dollars, which may be a significant cost-saving for your new home build.
You may not see much impact on your day-to-day life because of climate change. However, that doesn’t mean it won’t impact you.
Climate change causes supply chain disruptions, crop destruction, and much more. All of those lead to price increases.
The more people can invest in different types of energy, the better it is for the environment. Doing this will help prevent future extreme weather and make it less likely that climate change will financially impact your life.
It’s not cheap to invest in a solar installation. You’re spending thousands of dollars and may need a new roof. It’s tempting to stick with what you know instead of making a leap of faith.
But now that you understand more about the financial benefits of going solar, you should know more about how solar saves money in the long run. Reach out to local solar companies today to see how they can help you go green.
Are you looking for more advice that will help you save money in everyday life? Check out more guides on the blog to read more lifestyle tips.
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