Homeowners who install solar panels can reap several benefits, including lower electricity bills and increased home values. However, solar power is an expensive investment.
It’s important to consider all of the financial benefits of solar energy when making this decision. The following are just a few ways solar can save you money in the long run.
Reduced Utility Bills
A solar energy system can drastically cut your utility expenses, primarily if you reside in a sunny area. The amount you save will vary based on the size of your home, the quantity of sunlight it receives, and the cost of electricity in your area.
You can lower energy costs by combining solar panels with battery storage and a time-of-use electricity plan. With this setup, you can use net metering, which allows you to send excess power back to your utility company for a credit on your electricity bill. You can also use a time-of-use plan to get lower rates by aligning your energy usage with peak and off-peak hours.
Solar energy might help you save money through federal tax credits offered to homeowners installing solar panels.
This rebate can reduce the cost of a solar system by one-third, shortening your payback period and increasing your savings over time.
Lastly, a solar panel system can increase the value of your home, making it more attractive to prospective buyers. According to one survey, homes with solar panels sell for more than ones without solar panels. Solar power is a sustainable energy source that helps to cut greenhouse gas emissions.
Reduced Electricity Bills
One of the significant benefits of solar energy is that your electricity expenses will be significantly reduced. Your lifetime energy bills will be reduced depending on your region, electricity pricing, and system size.
You’ll also reduce your carbon footprint. Each kilowatt-hour of solar electricity you generate will substantially reduce greenhouse gas emissions and other harmful pollutants such as nitrogen, sulfur, and particulate matter.
Since going solar, many users have cut their electricity bill to almost nothing, thanks to their rooftop panels. They’ve done this using their panels to offset 80% of their energy needs. Additionally, they have taken advantage of time-of-use programs that enable them to send electricity back to the grid in exchange for credit on their utility bills and federal and state tax incentives.
Solar panels are expensive to install and need upkeep, but they drastically reduce electricity costs. Your local utility provider will charge you for electricity once they’re paid off, offering you a long-term return on your investment. Additionally, they’re a fantastic method to raise the value of your house and make it more appealing to potential buyers. Homes with solar panel installations thus typically sell for more excellent money than those without.
Reduced Greenhouse Gas Emissions
Solar energy is a resource that is both sustainable and environmentally benign. You lower the amount of electricity you need to buy from the utility company by using it to power your home.
This helps cut energy costs and lowers carbon emissions.
A solar energy system will last for years, and it’s a wise investment to make when you want to save money. You can even earn money from your system by selling excess energy back to the grid, a great way to offset your initial outlay.
The savings from a solar energy system vary by location, but most homeowners will be able to save over the lifetime of their system. This includes both the cost of the system and your electricity rates.
Depending on your solar panel system size, you might also save money on taxes. The savings from a solar energy system will depend on a few factors, such as your electricity rate and how much sun your house gets.
Increased Home Value
Wise homeowners and real estate experts know that homes with solar energy systems sell faster and for more money than comparable properties without, whether you want to sell your home or move in a few years.
This is because prospective purchasers see the long-term savings and advantages of owning a rooftop solar system.
A quality solar power system can produce more electricity than your home needs, allowing you to sell the excess to your utility company for credits on your bill or annual payouts, depending on your local net-metering policies. Many states also have programs that provide cash rebates or other incentives to help offset the installation costs of a home solar energy system.
Property owners, prospective buyers, and assessors know that a rooftop solar system will increase the value of your home. Research shows buyers are willing to pay an extra 4% on average for homes with solar energy systems.
The resale value your solar energy system adds to your home depends on various factors, including its size, location, and whether it is owned or leased. To maximize your resale value, ensure the system is up-to-date and in good condition with a reputable installer. A one-page fact sheet detailing the plan’s age, any warranties, and annual electricity generation is also a good idea.