How you recently asked yourself, “Should I go solar?”
If so, you’re hardly alone. Tons of Americans are making the switch to solar power.
Solar panels harness the energy of the sun and store it in a battery bank. Then, you can draw from that battery bank (using an inverter) to power the appliances and electronics in your home. With this type of energy, you are less reliant on energy companies.
But what are the benefits of going solar? Is the cost of installing solar panels and all the other necessary equipment worth it?
We are here to answer your questions. Keep reading for everything you need to know about why investing in solar power energy is a good idea.
Federal Tax Incentives
The federal government is well aware that the planet is running low on fossil fuels – our main sources of energy. Scientists predict that we have 70 years left with coal, 40 years left with gas, and 30 years left with oil.
As such, Uncle Sam is offering a 26% tax credit based on your solar costs throughout 2022. If you spend $16,000 outfitting your home with an autonomous solar system, you can get $4,160 back through your tax return. That will significantly reduce your total costs.
On top of federal tax credits, going solar can help you reduce or eliminate your energy bill. If your solar power system is powerful enough to power your entire home, you won’t pay a dime in energy bills.
You’ll be saving hundreds of dollars a month and thousands of dollars a year. Over time, your solar system will pay itself off.
State Solar Incentives
Did you know that installing solar panels on your home makes you eligible for valuable state incentives?
Different states have varying incentive programs. However, the most common include:
- Net metering
- Property tax exemption (for the increased value of your home)
- Cash rebates
- And more
Net metering allows you to sell unused power to the local power companies. In return, you receive credits that can go towards future energy expenses. If there is a period of low sunlight and you need to power your home via the power company, these credits will go toward your bill.
Some states offer cash rebates to help owners out with solar installation costs. You can claim your costs and get money back in your pocket.
SRECs is a program that pays homeowners a certain amount based on how much energy their solar system generates. These rates vary from $5 to hundreds of dollars.
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Higher Home Values
Finally, going solar will immediately add value to your home. Solar energy systems are environmentally friendly, efficient, and help homeowners save money. As such, they’re an in-demand feature in the real estate market.
Homebuyers are willing to pay much more for homes that are already outfitted with solar panels. And, as noted above, many states won’t penalize you on your property taxes for adding value to your home through solar energy installation.
Are You Thinking About Going Solar?
There are countless benefits of going solar. Is it the right move for you?
If you want to help heal the planet while saving money and adding value to your home, installing solar panels is a terrific option. And if you’re looking for more homeowner advice or green energy tips, we have more to offer. Before you go, take a look through some of our other articles to find more valuable insight.