Only 6% of homes in the U.S. have solar panels installed on them. Close to 46% of homeowners are considering putting solar panels on their homes.
The biggest obstacle for many homeowners is the cost. It’s a sizeable project, with projects ranging between $10,000 and $40,000.
If you’re thinking about adding solar panels, that might be enough to turn you away. You also have to look at the flip-side of a solar panel installation.
There are a lot of benefits that you have to take into account. Keep reading to discover what they are.
1. Future-Ready Home
Do you want to modernize your home? Adding solar panels extends well beyond changing the interior paint colors or adding a trendy accent to your home.
Adding solar panels gets your home ready for the present and the future. The fact is that there is going to be a tremendous amount of investment in solar panel infrastructure in the coming years.
That will only help your home’s resale value. Buyers are willing to pay more for a home that has solar panels and that demand will only increase in the future.
2. Tax Credits
Everyone loves to get money back from the IRS. You can get a nice refund in the form of tax credits on your next tax return.
You can take a tax credit of up to 22% of your installation. Plus, states offer their own credits and rebates.
In the end, you might be able to break even on the project. It will certainly cost less than you initially thought.
3. Lower Electricity Bill
How much can solar panels for a residence save you each month in electric bills? It’s hard to say because there are a number of variables.
There are estimates that show you can see a return on investment in 7 to 20 years.
4. Sell Your Power
Depending on your solar system and where you live, you may be able to sell power back to the electric company.
This is called net metering, where you take excess solar energy and store it on the power grid. You receive solar credits on your electric bill for the power that you store.
5. Contribute to the Greater Good
It feels good to know that you’re making a significant contribution to the greater good. You’re doing your part to cut down on your carbon footprint. Climate change is the biggest issue of our time, and you’re setting an example for others to follow.
You’re also doing your part to make the United States less reliant on foreign energy sources. We import a significant amount of crude oil and solar panels can reduce that amount.
How about making a local impact? You’re contributing to the local economy by working with local solar companies and keeping people employed.
Does a Solar Panel Installation Make Sense?
There are many financial benefits of a solar panel installation. Your home’s value increases, your electric bills decrease, and you’re contributing to your local economy.
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