Solar Panel Benefits and Costs
First of all, let’s make it clear. Solar panels are rooftop panels that transform the sun’s energy into electricity. By saying this, you can understand some of the benefits of those panels. However, they used to be quite expensive and hassle to install, so most homeowners hesitated and avoided such.
The good news is that all this has changed. With more and more companies, market competition, government-backed programs for fighting climate change and using greener energy, installing solar panels has become more affordable than ever, with prices falling by around 70% in the last decade. So let’s give you some basic information on how you, as an average home/office owner, can benefit from having solar panels on your property.
Benefits Of Solar Panel Installation
As the main benefit, we would point to reducing the electricity costs. Of course, depending on the area you live in, solar energy may not be enough to power your property for an entire day. Yet, it’s enough to avoid the peak of the day when the rate is the highest. Also, if there’s an outage, you will always have your own power source, which means a lot. Since the US has the highest number of outages of all developed countries, producing your own electricity is priceless.
Once you actually pay off the costs of the system itself, all the electricity you produce is entirely free, which is a fantastic achievement in a world where the inflation rate is constantly changing and electric bills are rising on a month-to-month basis.
Another significant benefit is being entitled to additional reductions as an energy-efficient property owner. For example, you can get around 30% back from the government’s federal income tax credit. When filing your taxes, include the costs of your solar panels, and the government will cover some of those. It means that you will actually earn some money by having these panels. In some cases, you can make a deal with people installing solar panels to “lease” your roof and get a free installation where the installers will sell the energy you produce and earn the income. This is an ideal option for all those who prefer to go for the “no money down” option.
Besides federal tax systems, many states and cities have their own programs for refunding solar panel costs. If you visit the DSIRE website, you may find tax credits and rebates available in your area.
You will be an important factor in contributing climate change battle. You will actually create clean and renewable energy and help the world. Maybe you don’t care or think that it’s insignificant since you’re an individual, but if more homeowners did the same, it could significantly impact the environment.
Quality solar panels can last around 40 years and increase the value of your property as it’s energetically efficient, and the next owner will be entitled to the same benefits as you are.
Conclusion
As you can see, installing solar panels can be done for free as long as you make a deal with the installation company. Besides, you will get the funds back through your tax return system, so you can look at solar panel payments as an investment where you are putting funds away and benefiting from them each month. Moreover, you will help to solve one of the biggest ecological issues in the 21st century and help preserve the environment. And in the end, you will increase the value of your own property.
We believe all these are valid reasons for solar panel installation.