Three HUGE Financial Benefits of Solar Energy for Your Home
The sun will be around for another few million years so take advantage of its free energy to power your home. You are also helping the environment by lowering dependence on fossil fuels and their emissions.
There are three major advantages and many secondary reasons for adding solar panels to your roof.
- Solar power lowers your electric costs
- Solar panels add to the value of your home
- You get energy tax credits, rebates, and other options
Lower Electrical Cost
A solar panel system is designed to provide your home with electrical power to lower or even eliminate your dependence on the city or county electrical grid. The amount of energy stored in your system depends on how many days of sunlight you receive in your area of the country. Most homes are still connected to the grid but they use less commercial power and that lowers their utility costs.
You collect power while the sun shines and build up a surplus that you can sell back to the power company. You actually receive a credit for the excess power supplied. That credit is applied to your power consumption on dark, dreary winter days when your system does not collect much energy and you rely on power from the public utility.
The solar system includes the panels and power input regulators that control and store the excess energy. Direct current is also converted to alternating current to power your appliances from your computer to your HVAC system.
Increased Value for Your Home
The addition of a solar panel system is an investment that adds to the value of your home when you are ready to sell it. The potential buyers know that utility costs will be lower. This is a major selling point.
Solar panels are easy to maintain and they may protect your roof from leaves and dirt in some areas. Debris does not stick to the angled glass panels with photovoltaic cells.
Tax Incentives and Rebates
While sunlight is free, installing a solar panel system in your home can be expensive. The Investment Tax Credit allows home and commercial business owners to deduct 30% of the installation cost from their federal tax returns. There is no cap or limit on the deduction that continues into 2023.
This tax credit is designed to encourage more people to research the financial benefits of using a solar panel system on their homes and commercial buildings. The tax credit is estimated to increase the use of solar panel systems by 400% over the next three years.
Many states from Hawaii to New Hampshire also offer renewable energy tax incentives for solar panel systems. Several states offer a $0.50 per watt rebate for solar systems and others have a property tax exemption for solar use. The rebates and credits vary by state.
Modern technology now permits the harnessing of the sun's energy to provide electricity as well as warmth. Wind power and even wave power are now used as well. The goal is to provide clean air, economic independence and eliminate the need for fossil fuels.
Solar panels are used in some cities and rural areas to power traffic lights and street lights. The use of solar panels for public transportation systems is also increasing.
To learn more about adding solar panels to your home or commercial building, visit Ask-Solar and fill out the form with your zip code. You will receive a customized report and analysis that includes information on home improvement loans and tax incentives in your areas. You will learn how solar power will benefit your home while you help protect the environment.