Did you know that there are more than 2 million solar panels installed in the United States?
Considering the sheer amount of financial benefits that homeowners and businesses can get by going solar, it’s no wonder that this number is skyrocketing.
Not only is going green better for the environment, but it’s also great for your wallet and your home’s energy generation. But, if this is the first time you’re hearing about what going solar can do for your budget, no worries. We’ve got you covered.
Keep on reading to learn all about the top four financial benefits that you can enjoy by tapping into sustainable energy.
1. Getting Monthly Savings
In the simplest of terms, getting solar power will reduce your electric bill by a huge margin.
This is a process that’s known as net metering. Basically, your billing system will credit the owners of solar energy for the amount of electricity that they contribute to the grid. Using a solar system will have you generating more energy than you could need, and that extra energy will be delivered right back to the grid.
Therefore, this electricity is quantified as solar credits that are subtracted from your electric bill.
“Why Blue Raven Solar” can break down the advantages and disadvantages of going solar if you’re looking for additional information.
2. Receiving Tax Incentives
Once you’ve installed a solar power system, you’ll be able to access a plethora of tax benefits.
Generally speaking, there’s the investment tax credit (ITC), also known as the federal solar tax credit. This is an incentive that allows you to deduct around 26% of your installation fees from your federal taxes.
This minimizes your upfront expenses on a national scale. But, you’ll also want to check any state-specific solar tax benefits.
3. Boosts Your Property Value
Did you know that homebuyers are willing to pay a premium of up to $15,00 for homes with solar power systems?
Solar panels and systems are seen as a valuable upgrade, so your home value increases in return.
For every $1 reduction in the annual utility bills, your home value is estimated to increase by $20. So it’s a win-win situation.
4. Adds Long-Term Value
We know that the majority of homeowners tend to flinch away from the upfront costs of installing solar power.
Yet, you’ll be getting a system that’s expected to last for up to 30 years. After all, most solar panels have a yearly degradation rate of 0.5%. This translates into having a system that’s operating at around 88% capacity after your 25-year warranty runs out.
Ready to Tap Into Renewable Energy’s Financial Benefits?
For fresh homeowners, looking into installing solar energy for the first time can be a bit overwhelming. Hopefully, our guide has shed some light on the key four financial benefits that you’ll get once you have solar up and running.
Needless to say, it’ll be worth every penny.
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