Solar panels are a source of renewable energy that everyone wants. Unfortunately, people tend to think that they should come relatively cheap. This is why most buyers’ enthusiasm only lasts until they find out exactly how much a solar panel installation will cost them. You may also want to know if it is a good option to generate electricity and ask, “are solar panels worth it?”
Well, if looked at from a purely financial standpoint, then the answer would be yes. Going solar will reduce your current expenditures and become an investment that can make you more money down the line. Let’s take a few ways solar panels can add value to your bank account and the environment.
Lower Energy Bills
The immediate pro of installing a solar panel system is to generate energy for your home using a completely free resource- the sun. You don’t need to rely on your state’s power supply mechanics because your home’s power supply is technically infinite.
Depending on how many solar panels you want to install and the amount of power you consume in your home, you could be looking at energy bills that are 60% lower than they used to be on conventional fuel. Another thing to keep in mind is that utilities’ prices are continually increasing, but you only have to do a solar panel installation once. Over time the installation will start paying for itself rather than providing you a net value.
As mentioned previously, if you spend on a solar panel installation, then that money is not gone forever. Apart from saving you large amounts of money in energy costs, solar panels also increase the value of your home.
Initial market research has shown that homes with solar panels were appraised higher than homes without solar panels. This is because a ready-made solar installation is a luxury for most families, which in turn shoots up the house’s value. This means you sell your home or get it refinanced in the event you stand to make a profit along with the energy savings you have been enjoying.
The government is very enthusiastic about showing its support for the use of renewable forms of energy. This is why there are multiple government incentives for people who install solar panels.
In addition to the Federal renewable energy tax credit that offsets up to 30% of the cost of solar panel installations, various state and municipal incentives can benefit you. These incentives show up as tax credits, which means you make money off the installation.
Some states are ripe with solar incentives, while others are lacking to say the least. That’s not to say that it won’t change, but at the time of this writing around 20 states offered incentives for solar and battery installations including Colorado, Florida, and Pennsylvania. The tax credit can vary from state-to-state, but you can connect with a tax expert or CPA on-demand, from your home in Denver, Miami, Philadelphia, or anywhere else in the United States to determine what incentives you might qualify for.
Another motivation is the sales tax exemption, which some states offer that enables you to save more. All-in-all, you will be getting enough incentives and exemptions that you will break even from the initial installation costs sooner than you thought.
As mentioned previously, solar panels operate on a renewable source of energy. This makes them one of the most environment-friendly sources of electricity. Climate change is bringing undesirable effects like the wildfires of 2017-2018. This is due to human pillaging the available natural resources without a plan of sustenance.
With a solar-powered home, you are effectively saving the planet while reaping the financial benefits. Most energy alternatives come at the cost of convenience or money, but solar panels reverse that order and bring you convenience with savings and incentives.
When we say community service, most people think of court-mandated orders, but that’s not what we’re talking about. If you have a home that runs on solar energy, you have undoubtedly used professional help. There is increased enthusiasm for solar power, and communities have seen an increase in employment opportunities for this business.
Furthermore, the utility credits you get from the government are a sign of gratitude. This is because you are effectively returning some power to the utility grid, making the government pay you for surplus power. With that, you can imagine the incredible difference an entire city that runs on solar energy can bring.
Solar panels will not only save money but also help you make some. They are strongly advocated and supported by the government and the scientific community, and that’s rare. Apart from minimizing your carbon footprint, you can also serve your community by being a part of something bigger.
When you approach a solar panel installation company, the initial quote might discourage you, but if you remember the multitude of benefits mentioned here, you will see why this is an investment you need to make. So if you find yourself asking, “Are solar panels worth it?” remember that you are investing not only in your home but also in your future.