Written by Davey Newlove
There are many reasons why people decide to go solar. The two biggest reasons are the financial and environmental benefits. There are government incentives making the financial appeal of going solar very compelling. Solar offers financial benefits both in the short term and long term. Let’s take a look at what financial benefits solar offers.
Lower Utility Bills
Are you concerned about rising utility rates and higher power bills? Solar can help you out with that. The most obvious financial benefit of solar energy is that it greatly reduces your energy bills. Any power that your system produces is power that you do not have to buy from the utility. If your system produces more power than you need, then the power is sent back to the utility for credits on your bill. This benefit is even greater if you have net metering. Even if you do not produce 100% of the energy that you consume, a solar energy system will drastically reduce your power bill. This all translates to you saving money.
Enticing Government Incentives
The federal government offers all customers an enticing solar tax credit for installing solar. The federal solar tax credit currently stands at 30% of the overall cost of the solar installation. This important piece of legislation will run at 30% through 2032. It will drop to 26% in 2033, then down to 22% in 2034 before completely disappearing in 2035. The federal solar tax credit is a great incentive for customers and is more valuable than a tax write-off. There are also additional tax incentives that certain states may offer to customers who install solar. Some customers could even get incentives from their utility company. Ask your local utility if they offer any incentives for installing solar.
Solar Increases Your Property Value
Homes that have solar installed sell faster than homes without solar. When looking for a home to buy, wouldn’t you want a house with little to no utility bill? Not only do these homes sell more quickly, but they also sell for more money. This makes perfect sense. For every $1 that is saved annually, your property value increases by $20. Installing solar is a home improvement that increases your property value by up to 7%.
Solar With Storage Mitigates Financial Losses From Blackouts
Nobody enjoys being forced to go without power. Blackouts can be costly and even life threatening. If a storm comes through and knocks out the utility power for days. Food that you have in your refrigerator could spoil, costing you a lot in grocery bills. If you have medicines in your refrigerator that need to be kept at a certain temperature, they could need to be replaced. Having solar with storage can keep things running night and day, blackout or not.
Great Return on Investment
If you are looking to make an investment for your future, solar is one of the best investments that you can make. With the help of government tax incentives, many solar purchasers can see their system recoup its cost in a matter of 7-12 years in most cases.The average American purchaser can see a return on investment (ROI) of 20% or more! With the life expectancy of a solar system, many of these systems can pay for themselves more than once.
If you are ready to take advantage of the great financial benefits of solar energy, contact JSunPV to get started on your project today!