Solar panels are a great way to save money and have many financial incentives. An under-valued gem, they are increasingly becoming mainstream. There are many financial perks that solar panels offer, and if you get in as an early adopter you can capitalize on tax deductions and even get paid to install them. Here are 5 Solar financial incentives of installing solar on your home or business:
Have a business? Solar financial incentives include providing additional perks for your customers.
Solar Financial Incentives 1 of 5. If you own a hotel or a bar, with solar panels you can offer your customers additional amenities like television in the lobby, a complimentary computer station, or other types of amenities that require electricity to be used and would otherwise cost you money. You can offer customers free-charging outlets too, all with no cost thanks to solar. If you had to pay for the electricity usage these options would be more expensive.
Offering more amenities to customers will make them more willing to return, if you’re the owner of a small bed and breakfast or hostel the addition of solar panels could allow you to have TV’s in each room, or even allow you to lower the cost of a room, ultimately making you more competitive.
Solar financial incentives can include an increase in your home value.
Solar Financial Incentives 2 of 5. Adding solar panels to your home will increase its value, giving you a higher price when you want to sell it. In general, you can expect a large increase in the value of your home if solar panels are installed, making it a great option for house flippers looking to make a profit. On average, solar panels raise the value of a home by 4% – 8% in the U.S., which is a great option if your home is valued at $350,000 or more. An average solar panel setup will cost approximately $18,000 – $20,0000, making the added home value neutralize the cost of a solar panel investment.
Tax Deductions and Tax incentives Because of Solar
Solar Financial Incentives 3 of 5. Many states offer tax deductions for homeowners or businesses that use get solar installation instead of on-the-grid electricity in a bid to encourage more green energy. Owners of properties with solar panels in these states may receive a larger tax refund at the end of the year. The federal solar tax credit allows you to deduct 30 percent of the cost of your solar panel system from your overall federal taxes.
The federal solar tax credit is available for both businesses and homes. If you sign a lease with an installer than technically you aren’t the owner of the solar panels and are not eligible, so make sure you pay upfront to avoid this issue. This tax credit is a good option for businesses and homes that are paying more than $3000 in taxes each year. Act now, though. By 2022 the tax credit will only allow you to deduct 10% of the total cost.
You Can Sell Back Electricity To The Grid
Solar Financial Incentive 4 of 5. Original solar panel owners were able to sell their extra electricity back to the power companies and be paid for it, effectively paying people to have solar panels. Today this perk isn’t as common but can still be found in many countries that are not energy independent, in these countries power companies are more than willing to pay for the extra energy.
Solar Panels Can Benefit Your Business
Solar Financial Incentive 5 of 5. If you have a business that is digital you can install solar panels to lower your operating costs. In addition, you can earn customer goodwill by installing solar energy panels for use in your business in the community. These so-called “green credentials” can be a boost to your client base.
Solar panels will definitely be a major key in turning to energy independence. People that get in early will have a lot of advantages over those still attached to the grid for electricity. If you are considering installing solar on your home or business, contact the qualified professionals at HomePro Solutions today for a free no-obligation quote.