As of 2020, the US has enough solar energy to power over 21.8 million homes.
Solar power is growing in popularity and it’s easy to see why. It’s clean, renewable, and allows you energy independence. But if you’re still on the fence, you’re probably still thinking of one thing: if it’s worth it financially.
That’s where we can help! Keep reading for these seven financial benefits of going green with solar.
1. Tax Incentives
You can usually pay your solar panels off over a set amount of time, but the government wants to help. State solar tax incentives are available at local levels and there are federal ones too.
Tax credits are a popular one and federal credits currently sit at 26% of the cost of your panels. This can make a large dent in what you owe on the remaining balance and get it paid off faster.
But know that these tax credits are set to decrease in the coming years. If you want to get the best offer, you’ll want to make a choice sooner rather than later. Now is the time to get the most money back.
2. You’ll Save Money on Energy Bills
Your wallet’s biggest benefit is saving money on your monthly energy bills. Almost in an instant, you’ll start to see a decrease once they’re switched on and generating.
Once the installation is complete, the inspector signs off, and the switch flips, they’re on. As long as the sun is shining, they’ll be generating and most even work on overcast, cloudy days.
As you make this energy, it’s coming directly into your home. This isn’t energy that you’re drawing from the grid. By going green, you’re more self-sufficient which is great for your bank balance.
An energy specialist will work with you to determine how many and what type of panel will suit your home. If you get it right, you’ll be in for big monthly savings. If you’re super lucky, you might remove your energy bill altogether.
3. Boost Your Home’s Value
Another of the financial benefit is the boost it can give the value of your home. Most improvements you make, if not done right before selling, won’t be long-term.
For example, installing new modern appliances is a great improvement. But once they age and start to get wear and tear, the value they added starts to change into a loss.
When you go green with solar panels you’re bringing long-term increased value. Solar panels can last up to 30 years and they’re only getting better as technology advances.
For buyers, they’re a desirable asset to have. If they’re installed already, they don’t have to go through the hassle of doing that work. As such, they’re more inclined to pay extra for a home that comes with solar energy.
4. Protection Against Energy Price Rises
With energy bills seeming to go up year on year, it can be a worrying time. To make it worse, those increases are only set to continue with no end in sight. After all, fossil fuels are a finite resource and we’re running out fast.
Another of the financial benefits solar energy brings is protection from those bills. You’ll save money because you’ll rely less on the traditional energy grid and suppliers. You’re generating your own energy from the sun.
Even if they raise their prices, you save energy, and thus that lowers your bills. In some cases, if the conditions are right, you might not need to rely on the grid at all. It’s an amazing position to be in that independent.
5. Save for a Healthier Planet
While you’re making financial savings, you’re also saving the planet too. You might not think it, but long term, this will have a positive impact on your finances too.
As the world continues to grow, so does its need for energy. With traditional forms of energy relying on a depleted amount of fossil fuels, we’re facing a tough time. With more competition for fewer resources, prices are only going up.
Pollution is going up too, impacting the climate and putting us into a climate crisis. This is why there are serious federal and state incentives to get homes and businesses to go green. Not only with solar energy but wind and hydro too.
Investing in clean, renewable, infinite energy puts you at the forefront of efforts. With solar energy installed, you’re investing in the planet’s health and humanity’s future. This is a win-win for everyone and their wallets.
6. Earn Credits for Surplus Energy
There is a way to make money from the energy suppliers too. This is via SRECs (Solar Renewal Energy Certificates). When you install solar panels, they’ll always be generating energy for your home.
If you generate too much energy than you use, you can sell this off for profit. For every 1,000 kilowatt hours that your panels generate, you’ll get an SREC. In most states, you then sell those SRECs back to your electric company often for hundreds of dollars.
If you’ve set up in a high-producing solar area, and you get the right solar system, it’s about more than saving money. You could be making it instead, and that’s all money you can put back into your life, home, or other investments.
7. Help Provide Jobs
The Solar energy industry employs hundreds of thousands of employees around the US. As renewable energy continues to grow in popularity, so does the industry.
By going solar, you’re helping others to gain employment but it’s much more than that. There are wider benefits to having a larger workforce out there.
Reducing unemployment and putting money into the local economy are two big benefits. A wealthier nation is a more comfortable one and that’s a bonus to everyone.
Going Green for a Better Future
By going green, you’re not only looking after your finances but the nation’s too. When everyone has more money in their pocket, they’re able to put that back into the local economy and give back.
With solar also being renewable and infinite, you’re also protecting the planet. The less reliance there is on depleted fossil fuels, the lower prices will be.
Solar can cut your energy bills and even eliminate them. In some cases, generate enough and your supplier will pay you for it! It’s a no-brainer when you think about it.
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