With the rising costs of energy, homeowners across the United States are thinking more and more about solar energy. It’s a great alternative to traditional sources of energy for your home with benefits that extend to your wallet. But, you may be wondering, are solar panels worth it?
In most cases, the answer is a resounding yes! The benefits of solar energy far outweigh the negatives, of which there are really none to speak of. There are plenty of things to say, however, about the benefits.
If you’ve been considering investing in solar panels for your home but have been unsure whether it’s the right move for you and your family, you need to keep reading. This article will discuss how solar energy saves you money over your lifetime. Let’s get into it.
Ten Financial Benefits of Solar Energy
You may have noticed friends and neighbors installing solar panels on their homes in recent years. That’s because solar panel systems have declined in cost and traditional energy sources costs are rising, and your friends and neighbors have already taken notice. Here are ten reasons why you should join the trend and start saving money with solar energy.
You may like to know how solar works in order to understand how it saves you money. Simply translated, your home is powered by light from the sun. Even if you live in an area that isn’t sunny all the time, you can save money on your electric bills in the forms of credits from those times when it is sunny.
Going solar saves you money starting immediately after your upfront costs to purchase and install. Here’s how:
Reduce Your Carbon Footprint
When you reduce your carbon footprint, it benefits the economy which in turn benefits the citizens of the United States financially. Besides that, going solar may prompt you to become more energy efficient with both your home and your lifestyle.
You can start to make a bigger impact on the environment. Not only with your solar panels and energy but also by following other tips that make a difference, like walking to work once per week, and turning off and unplugging devices when you’re not using them.
Tax Credits and Rebates
The federal government is offering a 30% tax write off deduction until December 31, 2109. You’ll still be eligible for deductions in the years thereafter, but at a reduced credit of 26% in 2020 and 22% in 2021. The 22% credit expires December 31, 2021.
Besides tax savings, you may also be eligible for certain rebates in your state.
Eliminate Energy Bills
Once you install solar panels on your home, you’ll have an option to stay on the grid. You can trade energy credits with the utility company to use on hot days in the summer when you’re running the air conditioner a lot or on cloudy days.
It’s important to note that even cloudy days produce energy for your home at a rate of 10-20% of the power generated on sunny days.
Earn Your Money Back
Solar panels have a low payback period. This means that you’ll start noticing savings within a specified amount of time from the initial investment such that the solar panels will pay for themselves. In many cases, this happens in less than ten years.
You may also notice savings in the preservation of your roof when solar panels are installed. Instead of soaking up the sun on hot summer days, the solar panels will be converting that sun into energy and blocking it from your roof. This will not only result in cooler temperatures in your home but also produce the energy you need to power your day.
Increase Your Home Value
If you ever intend to sell your home, you will have an opportunity to make your money back, and then some, on your solar panels. There are reports of homeowners earning up to 18% more on the sale of their homes with solar energy. Other studies claim that homes with solar panels are selling 20% faster than comparable homes on the market.
It’s a Secure Investment
Traditional energy sources are provided by energy companies that are notorious for fluctuating prices. With solar energy, you can calculate the energy that your solar panels generate and at what price. This can be figured for at least twenty years and is considered fixed energy costs.
Even while your solar panels will likely last upwards of 30-40 years, you’ll also receive a standard warranty up to 25 years. These warranties are offered by the solar panel manufacturers and may also be referenced as a performance guarantee. It states that you will receive 80% performance after 25 years of use.
On top of any manufacture warranty Shine Solar offers a 12 year professional workmanship warranty, Lifetime monitoring, 5 year roof replacement and a 50% panel buy-back program.
Enjoy Energy Independence
Instead of using imported products like oil, coal, and natural gas, you’ll be using your own energy. Solar panels belong to you and your home so you can consider yourself to be energy independent. No longer worry about the fluctuating and rising prices of these other expensive and dangerous energy sources.
SRECS (Solar Renewable Energy Certificates)
Solar Renewable Energy Certificates allow you to sell energy that your home produces and is not used in order to generate extra income. Prices for SRECs vary by location but invariably improve the value of your solar panel system.
These certificates are available in the following states:
- New Jersey
- Washington D.C.
The benefits of solar energy extend far beyond financial savings and independence. Besides the savings of reducing your carbon footprint, so are you doing your part to protect and conserve the environment for future generations. The emergence of solar energy has also helped create more jobs for the economy.
If you’re ready to install solar panels on your home, or if you have questions about going solar, feel free to contact us. We service Northwest Arkansas, Southwest Missouri, and Kansas City Missouri.