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Home Home Improvement A Look at the Financial Benefits of Solar Panel Installation

A Look at the Financial Benefits of Solar Panel Installation

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Considering a switch to solar panels? The world is becoming greener and many people are looking for ways to reduce their environmental impact, but this is not the only reason to switch to renewable energy. Going solar can bring a multitude of financial benefits that could help to change your financial situation now and in the future.

So, what are the main financial benefits of solar panel installation?

Reduce Energy Bills

The main benefit to renewable energy is that you can save money each month by lowering or even eliminating your energy bills. Instead of getting electricity from the grid, you are able to use the sun as an energy source and create your own electricity. Additionally, you are also protecting yourself against rising energy bills, so it is a smart financial move to make.

While the cost of solar panel installation can be a deterrent, you need to view them as a long term investment. The savings that you make each month allow you to cover the cost of home solar installation with 10 years and then after this you are making enormous savings with free energy.

Solar power systems last around 30 years, so they are a smart long term investment that could change your financial situation now and in the future.

Net Metering

In addition to being able to save money, did you know that you can even make money with solar power? Any unused electricity that you generate is sold back to the grid in the form of energy credit that will reduce your total expenses.

Tax Incentives

You are also able to offset the price of solar panel installation with the Investment Tax Credit (ITC) also known as the federal solar tax credit. This enables you to deduct 26% of the installation costs from your federal tax return, which can help you to make huge upfront savings by opting for renewable energy. There may also be other incentives and rebates depending on where you live.

Add Property Value

One of the other major financial benefits of solar panel installation is the increase in property value. With the world becoming greener, many homeowners are prioritizing green features like solar power and it will be a major real estate trend moving forward. Additionally, the ability to save money each month is another desirable aspect that will add value and create more demand.

It will depend on your location, but a study found that solar panels could increase home value by an average of 4.1%. This equates to $9,274 for a median-valued property in the US.

Take Advantage of the Financial Benefits of Solar Power

These are the main financial benefits to switching to solar power. Renewable energy can help households to save money now and in the future while also increasing home value. This means that they are a smart long term investment that could change your financial situation while also helping you to reduce your environmental impact.

If you enjoyed this post, check out our other home improvement articles today.

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