Solar energy is growing in use globally. People are switching from old energy sources that pollute the environment to new ones that are much cleaner. It’s grown so much that 46% of all new energy generation in the United States during 2022 was solar.
The question is, will it be worth it for you to install on your home?
Solar panels are a significant investment, so you may wonder about the financial benefits of going green. Keep reading to learn how you’ll save money with solar energy.
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Reduce Power Bills
Energy savings are the primary financial benefit of installing solar panels. Depending on your installation’s size, you can significantly reduce or eliminate your power bills.
The amount you save will depend on your requirements. You can partially reduce your bills if you use a lot of power and have a small installation. But if you have a smaller home and are smart about energy usage, you can remove your electricity bill altogether.
Tax Savings
Another benefit of green energy is that the government wants people to invest. Green energy reduces the reliance on dirty energy sources. To convince people to invest more, the government offers tax benefits to people who invest.
Solar energy can save thousands of dollars over a few years on your tax returns. Calculate what tax credits you qualify for to determine your actual cost of solar panels and your payoff date.
Higher Property Value
The good thing about solar panels today is that their value is known. People understand the benefits of solar and are willing to pay higher prices to get homes with them installed.
This leads to higher property values. Even small, affordable solar panels are enough to boost your property’s value. The total increase you see will depend on the energy savings you see each year.
Avoid Utility Hookups
If you live away from the city, you may not have utility hookups on the land you buy. If you want to live away from people and still get utilities, this means paying utility companies — including power — to run lines to your home.
This can get expensive and greatly increase your costs. But instead of doing that, you can use solar panels to power your home and reduce your current and future costs.
Get Energy Credits
There are some situations when you won’t be able to fully power your home with solar — even with a large installation. In these cases, you’ll tie into the grid to get power during this time.
Many energy companies offer credits for people who sell the excess energy they produce. This means you can use those credits to offset those power costs.
The Financial Benefits of Solar Are Worth It
The cost of solar energy has gotten much better over the years. Instead of waiting more than a decade to get a return on your investment, most homeowners can get a financial return in under 10 years.
That makes the financial benefits of going solar worth considering today. Remember the benefits above when determining if solar is right for you.
Do you want to learn more about creating a more efficient home? Learn more about home care on the blog.
