For homeowners who are interested in reducing their electricity bills, helping the environment, and saving money on their taxes, going solar is a great option. At the same time, some homeowners might be wondering if solar installation is worth it.
While it is easy to come up with a sales pitch that repeatedly mentions that solar panels can help homeowners and business owners save thousands of dollars, homeowners are much smarter than this. They are looking for a more nuanced answer. With this in mind, there are a few key considerations that homeowners and business owners have to consider if they want to know if solar energy is truly worth it.
Key Points To Consider
Some of the key points about solar energy to note include:
- Some of the most important factors to consider include the current rate of electricity in the local area, the cost of a solar panel system, and the preferred method of financing the cost of solar installation
- Some homeowners and business owners might be able to eliminate their electricity bill entirely
- The vast majority of property owners will end up recouping the cost of their solar installation in seven or eight years
It is time to take a closer look at some of the factors above.
The Electricity Bill After Solar Installation
One of the biggest benefits of going solar is the ability for property owners to reduce their dependence on the power grid. This is one of the biggest factors that will play a role in the amount of money people will save by going solar. Most property owners pay for their electricity by the kilowatt-hour (kWh). Some areas by eight cents per kWh while others might pay 20 cents per kWh.
A solar panel is a small power plant. Instead of drawing electricity from the power grid, they will make their own energy. While everyone will save money on their electricity using solar panels, some property owners might be able to eliminate their electricity entirely with solar installation!
The Cost of Solar Installation
Installation prices can vary significantly depending on the brand of solar panels and the installation company. While some people might worry about the cost of installation, the good news is that the vast majority of companies will provide flexible financing options. This might include options for zero upfront costs and no down payment required. This allows everyone interested in solar energy options to tailor their installation plans to meet their needs.
The Opportunity for Tax Savings and Rebates
Solar energy is a great way for people to protect the environment. The government knows this, which is why they have put tax incentives into the tax code to encourage everyone to switch to solar energy. For homeowners and business owners who install solar panels in 2020, there is a tax credit of 26 percent. This means that 26 percent of the cost of the solar energy system can be deducted directly from the amount of money that someone has to pay in taxes. Furthermore, there might even be additional rebates available in the local area. This means that some people might be able to put thousands of dollars in their own pockets once they implement a solar installation on their homes!
Solar Panels and Home Value
In addition, installing solar panels can improve the value of someone’s home. As solar technology continues to improve, solar panels are only getting more efficient. This means that homeowners realize that newer solar panels are producing more energy at a lower cost (in terms of solar panel cost and installation costs). Furthermore, because solar panels require almost no maintenance, the upkeep is easy. Homeowners don’t have to worry about buying a home with solar panels and having to perform a tremendous amount of work to keep them functional. As a result, the appeal of solar panels is obvious. This drives up the value of homes with solar energy systems.
Going Solar Protects the Environment
Finally, one of the biggest benefits of going solar is that this will protect the environment. While all of the financial savings are nice, the true value of solar panels comes in their environmental benefit. Homes that rely on a traditional power grid have a large carbon footprint. This means greenhouses gases, climate change, and more. If homes take measures to reduce their carbon footprint, such as installing solar panels, they can reduce the impact of climate change and preserve the planet. This is why solar panels are critical for the future of the world’s energy production methods. It is a clean, renewable energy source.
Solar Panels Are Worth it
It is clear that solar panels are worth it for homeowners and business owners. There is a litany of economic and environmental benefits. Install solar panels as soon as possible to maximize the tax savings under the Solar Incentive Tax Credit! If you have further questions about a solar installation on your home or business or how you can save money with solar, the best thing you can do is explore your solar power options with a qualified professional. Contact HomePro Solutions today. We have the technical know-how and customer service expertise necessary to ensure that every solar power project is a success.