Did you know that out of the 3 million solar energy installations in the US, 1 million were built in the last 2 years? This shows that solar energy is exploding in popularity. It’s true that solar panel installations are much cheaper than they were decades ago, which has made them more accessible. But truth be told, they’re still a large financial investment that many households can’t afford to make.
Perhaps you’ve got some extra money and you’re considering going solar. Is it really worth it though?
Keep reading for the financial benefits you can get from a solar panel installation.
Save Money on Energy Bills
As soon as you have solar panels installed, you’ll see a decrease in your energy bills. This is because you’re either drawing less energy from the grid, or not at all, depending on the type of solar panel system you have.
Either way, you save energy and money by using energy gathered from the sun, which is free! Even on cloudy days, you won’t rely as much on the grid since you’ll have some energy saved up from sunnier days.
Earn Extra Money Selling Excess Energy
If you live somewhere that’s generally sunny, you’ll often generate more energy than you need in the daytime. This isn’t possible in all states, but in some, you’re allowed to sell extra energy generated by your solar panels back to your utility company. This is called “net metering”.
For some homeowners, the amount of energy they sell back can actually cover the costs of the installation, given enough time has passed!
Get Tax Breaks and Cash Incentives
When you initially purchase your solar system, you can get a one-time tax credit of 26% off your purchase price. This is if the system is installed in 2022; this decreases to 22% for 2023. That’s just on the federal level as well!
Many states offer rebates and incentives, such as a flat $1,000 credit. You never know what your local area has, so it doesn’t hurt to check before you buy. Consulting with BRS solar installers can help, as they’ll be familiar with these things.
Increase Your Property Value
Any upgrades you make to your home will increase its value. Solar panels make it more energy-efficient, so count on a better resale price in the future!
Don’t plan on moving for a while, or at all? Then you should know that solar panels can last up to 25 or 30 years. So you can still enjoy their benefits while living there, then pass the system on to the next homeowners.
Get a Solar Panel Installation Today
As you can see, the cost of a solar panel installation can be offset by all these wonderful financial benefits, especially since the panels can last for several decades.
So if you’ve got some extra money, investing in a solar panel system is a wise decision. Be kind to the environment and save some cash while doing so too!
Check out the rest of our blog page to learn more about renewable energy!