For years, solar paneling has been a great environmental choice, but many are unaware of the other benefits it offers homeowners. If you’ve been curious about the benefits of residential solar systems but have felt they don’t offer enough in return, consider these benefits of investing in solar energy.
Reduced Energy Bills with Residential Solar Panels
Though solar paneling systems are a righteous eco-option, the reason most homeowners invest in solar systems is to save money. If this is your main goal, residential solar panels will help you be environmentally-friendly while you do it. Unlike other home renovations that take years to see a return on investment, you’ll see a difference on your first energy bills after installing solar.
Plus, costs will continue to stay the same regardless of electric companies increasing the price of energy. The amount you save will depend on the size of the solar system you install – the larger the system, the better your savings. Some homeowners can even get their electric bills down to zero with the right solution.
Attractive Tax Credits
The government wants to reward people who opt for solar energy. As an incentive for switching to solar, you can receive an energy tax credit of 30 percent of qualified expenditures for your system, if your system is in by December 31, 2019. After this date, the amount you can receive drops by four percent every two years.
Qualified expenditures include:
- Cost of installation
- Labor and assembly
- Wiring to connect the system to your home
You can carry any excess amount of your tax credit (any that exceeds tax liability) over to the following year.
When you use traditional electricity, you’re at the mercy of large electric companies. Market prices dictate how high your bills are every month. Utility companies can charge customers more during “peak times,” such as the middle of the day when the sun is the highest. This is why your bills tend to skyrocket during the hot summer months. When you invest in a solar system, these peak sunny periods will be a good thing – it means more free solar energy for your home. Every summer, you’ll enjoy substantially lower utility bills.
Energy independence is a perk for more than the freedom it offers. No one can buy or monopolize the energy you receive from solar panels. Once you pay the initial investment to get solar energy, you have an independent source for all your electric needs. This can substantially impact you as an individual and a household, but it can also help your city. More people switching to solar means reduced oil and gas imports, saving your community money. Like “food miles” – the energy it takes to get food from one place to another – “gas miles” can take a financial toll on your city.
Greater Energy Efficiency
Regardless of our efforts, we all leave some environmental impact. When you are more energy efficient, you lessen that impact.
Solar energy means a healthier environment and cleaner air and water. Here’s how:
- It takes less energy to get to the source, so energy isn’t wasted on “gas miles.” When the product meets you where you are, it saves on the expense and energy of travel.
- It uses fewer natural resources, decreasing our dependence on non-renewable fuels. When less oil and gas are used for home heating, those resources can be used elsewhere.
- It’s cleaner and more efficient than burning oil or fossil fuels. Not only do the sourcing and transportation of these resources affect the earth, so do how they are used.
- It reduces your carbon footprint and overall environmental impact.
Some people mistakenly believe energy-efficient initiatives are the enemy of job growth, but that’s not the case. In fact, you can help create economic growth in your city by creating “green” jobs, reduce greenhouse gas emissions, and improve public health.
Increased Value of Your Home
Solar power is a smart choice for energy savings and tax credits, and it can also increase the value of your home. Solar panels are a desirable commodity that potential buyers are looking for in homes today. Homebuyers looking for “green” buildings are willing to pay for houses with a head start – it’s much less expensive for them than starting from the ground-up, which many believe is their only option.
As more people realize the minimal maintenance and long-term returns of solar energy, homes with solar systems will likely be the first to leave the market. The value of your home will actually increase thanks to your new solar system, especially since buyers will not have to worry about the initial investment or installation costs. A study by Lawrence Berkeley National Laboratory shows homeowners saw an average increase of $5,911 per kilowatt on resale value after solar installation. Homeowners could earn a whopping $18,000 increase with a 3.1-kilowatt system.
Invest in Real Solutions for Energy Savings
Solar energy has transformed thousands of homeowners’ lives around the country so far and won’t lose traction anytime soon. Time has borne out that solar isn’t just a fad – it’s the energy of the future. Solar energy is good for:
- Homeowners who have high energy bills in the summer.
- Homeowners who want to increase the value of their homes.
- Homeowners who want to become more environmentally-friendly.
Making the switch to residential solar power can create a more energy-efficient system that saves you money.