Real estate is potentially one of the largest investments you’ll ever make. If you’re lucky, your property investments will work in your favor, build equity, and put some change in your pockets when you decide to sell. But what if your property could make you money while you live in it? With a solar system, it definitely can!
Here are three ways solar energy will put your outdoor space to work, earning you cash one sunny day at a time.
1) When ‘net metering’ translates to net income
If you own a solar energy system, the term ‘net metering’ could mean big bucks back in your pocket each month. So, what is it?
When your home or business has rooftop solar panels that generate more electricity than you use during the day (which is typically the case), net metering will allow your electricity meter to provide you a credit for the power that runs back into the grid to serve nearby energy consumers.
How effective is it? Well, that depends how much energy you consume and where you live. The SEIA predicts that in California, public agencies and schools will save $2.5 billion over the next 30 years thanks to net metering.
2) Solar tax credits – get paid for going green
The Investment Tax Credit (ITC), more commonly referred to as the solar tax credit, is a federal tax incentive for businesses or homeowners who install a new solar energy system on their owned property. If you purchase or finance a solar power system prior to December 31, 2019, the government will incent you 30 percent of the original investment for installation on your federal income tax return.
3) An instant return on investment – increased home value
As the trend towards a green planet continues to grow, so will the value in your home if you’re already on board the solar train. Studies show that your home will sell 20 percent faster if it’s using solar energy, and for every one kilowatt (kW) of solar installed on your home, your home value increases by nearly $6000. If the average home owner uses around 5 kW, you’re looking at an increase of up to $30,000. Now that’s putting your roof to work!
But wait, what if my roof isn’t compatible with a solar energy system?
Fret not. If you know your roof just won’t work with a solar system, give us a call to discuss a ground mount solar system. If you can’t put your roof to work, we’ll put your yard to work so that you can cut your energy bill, instantly increase your home value and start making money off the grid overnight.