You’ve heard about solar energy. You’ve seen it on friend’s houses. You’ve read about how it benefits our environment by reducing our carbon foot prints. You’ve probably even discovered the benefits to our overall health due to cleaner air, water, and soil. But did you know it can have a significant impact on your wallet?
Following are 5 financial reasons why you should consider solar power. It’s simple to measure the impact on your wallet. In addition to saving on utility bills solar power can generate passive income and boost your home’s property value.
Prices for Installation Have Decreased
Solar energy is no longer new. Like with any technology the price reduces with time. Clean energy is economically stable and completely renewable and for that reason companies can optimize costs by manufacturing to a larger scale and drawing in more investors. It is not a new trendy fad but instead a core value for more and more home owners. The demand has increased more than 23 times over in only 8 years. According to the Department of Energy the cost of a solar energy system has dropped significantly giving more homeowners access to affordable clean energy.
Solar Helps You Save on Your Electric Bill
The lifetime of a solar system averages 25 years and saves the customer over $20,000 (net) in utility prices over the course of 20 years. This varies by state. For states like Hawaii that have high energy costs, there is an estimated savings of $60,000 in 20 years.
Get Paid for Solar
There are federal, state, and utility incentives at your disposal for installing solar panels. Each state varies, but if you qualify your local utility company will actually pay you for the clean energy collected. This can be done in the form of net metering, feed-in tariffs, and/or solar rebates. It is possible to end up with a negative balance on your next utility bill!
A little bit of research into your state’s incentives can reduce/eliminate your utility bill as well as provide passive income.
Increases Property Values
In addition to the lower annual energy savings homeowners who install solar panels to power their homes recover nearly all the investment in the resale of their home. As the awareness of green energy rises this investment will increase. The study Understanding the Solar Home Price Premium: Electricity Generation and ‘Green’ Social Status found that the increased awareness of the benefits of green energy significantly increased the premium.
Tax Breaks for Going Solar
According to the Residential Renewable Energy Tax Credit, a homeowner can claim a 30% credit of qualified expenditures for a residential solar panel system. Add this to the 97% recoup cost in property resale value and the annual savings why wouldn’t you go green?
SolarCity offers services in more than 20 states, see customer’s reviews and discover how this simple investment in our world’s health can have a tremendous impact on your financial health.