There are plenty of reasons why more and more American homeowners are switching over to solar energy. For some people, it’s enough to know that you’re reducing your carbon footprint and preserving the environment for generations to come.
But, let’s face it – before we dramatically reduce our independence on the local energy grid, and decide to rely on the sun for our daily energy needs, we need to consider the financial impact as well. The cost of a typical solar energy system will be affected by a variety of parameters, such as the size of your household, the size of your home, and your energy usage habits. Luckily, there are several factors that not only pay for those startup costs but also lead to major savings. In fact, by switching to solar power you can expect to save about $50,000 over 30 years.
Here are five reasons why going solar can add up to big savings over time:
Flat Rate Electricity
As we mentioned, the first meaningful savings you’ll notice when you go solar is the change in the way you receive your electricity bill. Your solar energy system can generate up to 100 percent of your electricity needs, and, if it does, your only monthly expense will be that flat rate that you already know about. The only change will come if you somehow use more energy than your system produces (which doesn’t necessarily happen very often), in which case you’ll draw the surplus from your local energy grid. The other benefit of the flat rate program is that your monthly rate is fixed for the life of the payment program, so you won’t be affected by the yearly increases in the price of electricity provided by your local grid, which rises about 6% per year on average.
Financial Incentives in Your State
Government solar incentives include a federal tax credit (ITC) of 26% that can help you recoup about $9,000 on your startup costs for installation of solar panels. Additionally, many states have a variety of incentives to help homeowners switch to clean energy. Taking full advantage of your state’s benefits can help seriously reduce the overall costs of your solar energy system and help you pay it off more quickly.
Retire With REALLY Low Energy Bills
Most families expect a reduction in income once retirement comes around. Luckily, with American Solar’s payment program your energy bills can be at low as $0 per month once you’ve paid for the installation of the panels, which means that families who have panels installed ahead of time, before they reach retirement age, can have the peace of mind knowing that even when they slow things down at work they will have one less monthly expense to worry about.
Increase Your Property Value
According to Zillow, homes with solar panels sell for about 4.1 to 9.9% more on average than homes without solar panels. (depending on where you live). If you’re looking to sell your home, have a conversation with a solar consultant to find out how much the installation would cost and then consider how much more you can ask for when selling your home. Buyers are increasingly more aware of the sustainability features of their prospective new home, and solar panels can make a prospective buyer feel good that their potential new home will come with a much lower energy bill and a reduced carbon footprint.
Pay Lower Taxes
Aside from the 26% tax credit that will help you pay for the initial installation of the panels, some states have programs that allow families to pay lower income taxes when they switch their homes over to solar. This can amount to big savings over time, and will allow you to keep more of your paycheck instead of forking it over to the Tax Man.
To summarize, solar panels can be a terrific investment for homeowners who want to take control of their energy costs while contributing to a cleaner future for our planet. To get your own personalized quote, contact us at American Solar, and check your qualification!
