Since 2008, the installation of solar power has grown 35 fold to produce enough energy to power 12 million American homes. This number is set to continue to grow as more Americans discover the advantages of solar energy.
If you’re considering solar energy for your home, then this article will help you. There are several advantages to solar energy beyond a reduced electricity bill. Keep reading and learn how going solar may be the right choice for your family.
Let’s start with the obvious, installing solar panels means you’ll start saving money from day one. Most people choose to finance their solar panels through their solar panel installer, so they require very little to no money down.
Typically, your monthly financing cost is lower than your average monthly electric bill. Then, once you finish paying off your financing, your monthly bill goes down to barely anything. At this point, you’re only paying a small fee to stay on the grid with the electric company.
Home Value Increases
As more people discover the value of solar, this one home upgrade will become more in demand. The solar panels mean that the new owner can enjoy the benefits of low energy costs without the hassle of installation or paying for them.
The Residential Renewable Energy Tax Credit was available for up to 30% of the cost of installation for those who installed their solar system in 2019 or earlier. For those who install their system in 2020, they can enjoy a credit of up to 26% of the cost.
Looking forward, those who install their system in 2021 can claim a 22% credit. After that, homeowners will no longer be able to claim a credit. There’s one exception for home-based businesses, they can claim a 10% business tax credit.
This means that there’s no better time than the present to install your solar system.
Solar houses have benefits that extend beyond the financial. There are several environmental benefits of solar energy. The United States ranks second in the world in carbon dioxide.
Having a solar-paneled house can help offset this carbon production. This reduces pollution locally and worldwide.
Reliability and Durability
Solar panels come with long warranties, typically 20-25 years. Most installers will guarantee 80% performance during the panel lifetime after the 25-year mark. These are just the warranties, though.
Most solar panels have a useful life far beyond this. You can expect to generate a useable amount of energy with panels that are 30 to 40 years old.
Stabilized Energy Costs
Utility companies are known for fluctuating their prices. This makes it impossible to budget for your energy costs moving into the future. One thing you do know, prices are on the rise.
This is not the case with solar energy. With a bit of simple math, you can determine your current energy demand and required solar panels to meet that demand. You can then confidently look to the future and know what your home energy costs will look like.
Enjoy the Advantages of Solar Energy
As you can see, there are several advantages of solar energy. The financial benefits are numerous, with reduced and stabilized energy costs and tax credits. But there are also several environmental benefits that will help everyone.
Browse the family finances section of our blog for more helpful financial advice.