Are you looking to save money? Going solar can be a smart financial decision to make and not just because of the significant savings that you can make on your energy bill each month.
Many homeowners are turning to solar power right now. People are becoming eco-conscious and switching to solar power is one of the best ways that you can reduce your carbon footprint, but there are also 5 major financial benefits to going green with panel installation that you should be aware of.
Keep reading to discover the main financial benefits of switching to solar power.
A community solar program project is a solar array set up by a utility or third-party company, where subscribers can subscribe for free to a share of the electricity produced.
Reduce Energy Bills
The main financial benefit of going green with panel installation is that you are reducing your energy bill. By generating energy from the sun, your electricity costs will fall drastically. You can check online to see your solar savings estimate to see how much you could be saving by switching.
The amount that you pay for solar will depend on a few factors, but you can be sure that it will be a significant amount less than what you are paying for electricity. This is most beneficial over the long term, especially when you consider the rising prices of energy and inflation.
Tax Deductions
Panel installation is not cheap, which is one of the primary reasons that homeowners are hesitant about going green, but it is important to look beyond the price tag. In addition to the savings that you can make long-term, you should also be aware that there are tax incentives to going solar.
The federal solar tax credit enables homeowners to deduct around a quarter of the panel installation cost from their federal taxes, which helps to lower the upfront costs and allow even greater long-term savings.
Adds Property Value
Sustainability is a major trend in real estate and will only get bigger with the world becoming greener. Additionally, the long-term money-saving that solar energy can provide for homeowners helps to add a significant amount of value to your property.
Even if you have no plans to sell anytime soon, it is still smart to make improvements to add value to your property, and solar panel installation will be one of the best ways to do this. In fact, one study showed that homes with solar power sell for 4.1% more and this translates to $9,274 for a median-valued home.
Long-term Value
Solar panels can last around 40 years with proper treatment and maintenance. This provides significant long-term value for homeowners, and the upfront cost is mitigated by the savings that you will make on your energy bills over this time.
Energy Credit
In addition to saving money, did you know that you can even make money with solar panel installation? When you create more electricity than you use, you can then sell this back to the grid through net metering. Over 40 states allow for net metering and the rules and rates vary depending on where you are.
Switch to Solar to Enjoy These Financial Benefits
These are the 5 main financial benefits to going solar and can make a big difference to your finances, not to mention the environmental benefits of making the switch.
Be sure to check out our other posts on how you can make household savings today!
