The residential solar industry continues to grow year after year, thanks in large part to educational outreach, technological advances that have made solar systems much more affordable for normal families, and a desire among many people to do their part by saving energy wherever possible. While you already know that going solar will lower your carbon footprint, you may not be fully aware of all the potential financial benefits. Here are five financial reasons to have solar panels installed at your home:
Lower Energy Bills
If you've been facing obscenely high utility bills in summer and winter, your electric bills after you switch to solar will be a pleasant surprise. Depending on how robust of a solar panel system you have installed and your location, your residential solar panel system may be able to provide your home with all of its power needs so you don't need to use (or pay for) traditional electricity at all.
Even if your solar system only supplies most of your electricity, your bills will still be drastically lower. In fact, on average homeowners in the U.S. will save around $20,000 over 20 years with a solar panel system, and in some cases significantly more than this.
Increased Home Value
As residential solar power systems continue to grow in popularity, they also become a more valuable and appealing asset to prospective homebuyers. As a long-term financial benefit, a solar system will increase your home's value and make it easier for a realtor to market and sell it. On average, you can expect to see a $20,000 increase in the value of your home once you buy a solar power system. This means you can rest easy when you purchase your system, knowing you will likely recoup the cost and then some.
Great Tax Incentives
In late 2015, the federal government extended the 30% tax credit it offers consumers who purchase solar electric systems for their homes. The government offers this incentive to help offset the upfront costs of switching to solar and encourage more sustainable consumer energy practices. In addition to the federal tax credit, many states also offer tax credits and rebates for green technology like solar panels.
Passive Income Possibilities
If you live in a state that allows net metering, you may even be able to make a bit of passive income via your new solar panels. Net metering simply means that if your home solar system creates more energy than your home requires, you can return the extra energy back to "the grid" to help meet the energy needs of your community. You will then be issued a credit or check for your excess solar power, meaning you are essentially getting paid each month or quarter just for having a solar system at your home.
Lock in Low Rates
Conventional forms of electricity are unsustainable and therefore subject to unpredictable price hikes when supplies are low. Even if your electric bills are reasonable now, there's no guarantee they will stay that way for long. With residential solar, on the other hand, you make your own power and are therefore not subject to the whims and changes of the power company.
Even if you lease your solar panel system instead of buying it, it's typical to lock in a monthly payment plan for many years, so you still won't have to worry about surprise price hikes down the line. Having solar panels installed at your home helps you escape the cycle of rising energy bills.
Solar panels are good for the environment and your wallet. By switching to solar energy, you can reap these great financial benefits for yourself. For more information, contact a company that specializes in solar panel installation.