The solar power industry continues to grow at an unprecedented rate.
In the last 10 years alone, according to the SEIA, solar has grown by 33% annually. This is due to the lowering cost of solar panels, as well as solar panel installation, and the increasing alarm around the impact of fossil fuels.
But for the average homeowner, the cost of going solar remains an expense too far. If you just look at how much it costs to get the panels and install them, it’s certainly a pricey addition to your home. With solar, you’ve got to look beyond the initial price tag.
In this post, we’re going to tell you eight reasons why solar panels are a smart investment for your home. You may have thought about solar panel installation for your home before.
Keep reading, however, and you’ll see that making the leap with solar panel installation will bring countless benefits.
1. Help the Environment
Arguably the most pertinent reason for installing home solar systems is the need to reduce our individual carbon footprint. Americans have the highest carbon footprint in the world – 16 tons. Much of that fossil fuel usage comes from things we take for granted, like heating, appliances, and electricity.
When you’re tied to the power grid, it’s easy to neglect how much energy you’re using. By installing solar panels, which are a completely renewable and clean form of energy, you’re removing yourself from the power grid and doing your part to reduce your own carbon emissions.
Globally, we’re trying to avoid a 2-degree rise in temperature. If each American can get their carbon footprint below 2 tons by 2050, we’ll have a fighting chance. Installing home solar panels is a great start.
2. Lower Your Bills
Solar panel installation isn’t a completely altruistic act. When your home relies solely on solar power, you can fully eliminate your monthly electricity bills. This could amount to hundreds of dollars of savings per month.
To really rid yourself of energy bills, you have to work with a solar panel company to crunch the numbers. You need to find out how much energy you use per year and purchase the correct number of solar panels for your home. That said, even a small solar panel system will make a positive impact on your monthly bills.
3. Tax Credits
When people see the price tag for solar panel installation, they’re often scared away. Not many people have $30,000 laying around to invest in solar energy, but the initial price can be incredibly deceiving.
One thing that every homeowner should be aware of before buying solar panels is the federal investment tax credit (ITC). The ITC is a tax credit available to anyone who invests in solar panels for their home or business.
For solar panels installed between now and 2032, homeowners will receive a tax credit of 30% on the cost of installation. Per the Inflation Reduction Act, the credit is reduced to 26% for panels installed after 2032. The credit comes in the form of a reduction on your federal income taxes.
Thus, if your solar panel installation costs $30,000, you’ll see a deduction of $9,000 on what you owe for taxes.
4. Other Financial Incentives
It doesn’t end there, however. There are countless other rebates and incentives that further reduce the cost of solar installation. For instance, many states offer further tax credits, some of which match the federal ITC’s 30%, but for state taxes.
You may also be eligible for local incentives, as well as things like solar renewable energy credits (SRECs) and net metering. SRECs are credits that you receive as your solar panel system produces energy, which you can then sell to utility companies that are required by law to generate a certain amount of energy from renewable sources.
5. Reliable Source of Energy
When you’re tied to the utility grid, you’re susceptible to a variety of things that could go wrong. What’s most common are outages due to weather events – snowstorms, high winds, and thunderstorms.
With quality solar equipment, your solar panel system will store the energy that it receives and keep your home powered no matter the circumstances. You’ll always be able to rely on the fact that the sun is 93 million miles away and its energy constantly hits the earth.
6. Boost Home Value
One of the overlooked things about solar panel installation is the value that it adds to your home. Should you ever decide to sell your home, buyers are certainly going to notice that you have solar panels because it means their bills are going to be covered.
Whatever the cost of solar installation is, you can rest assured that you’re going to see that money back in your pocket through incentives, monthly savings, and yes, resale value.
7. Good Installation Companies
With so many amazing solar companies popping up around the country, you don’t have to worry about installation woes. In reality, installing solar panels is a straightforward process that can be completed in a matter of days.
Click here to learn more about one of the largest solar installation companies in the country. Once you reach out and talk to a solar professional, they’ll guide you through the process. This involves helping you select the right materials and inspecting your roof to make sure it can handle a solar panel system.
8. Costs Have Decreased
Last, but not least, as we alluded to above, solar panel prices have drastically decreased in the last 20 years. What’s important to remember is that this technology is still relatively young.
Costs have fallen by 64% in the last decade alone. Combine that with the other savings we’ve discussed here and purchasing solar panels really does become a no-brainer if you’ve got a bit of money set aside.
Is It Time for Solar Panel Installation?
These are just a few of home solar panel installation benefits, but there are countless more that you’ll see when your solar panels are up and running. As you can see, what may have been a frightening and expensive prospect is actually something that will save you loads of money in the long run. Plus, you’ll be doing the planet a world of good at the same time.
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