Financial Benefits of Installing Solar Panels
As most solar companies in Texas can confirm, solar panels have been getting more and more popular in recent years.
There are many reasons for this, from going green to benefitting owners in other ways from the investment. Whatever the reason, most people who’ve installed solar panels will tell you that they’ve been happy with their investment. And while countries that see a lot of sun benefit more from solar energy, as solar companies in Texas will tell you, the benefits can be felt anywhere. Both in the long and short-term, you can easily feel the difference a solar system makes. To help convince you, we’ve put together a list of financial benefits of installing solar panels.
Solar panels save you money
At the end of the day, everyone wants to know how to save money wherever they can. And solar panels are an excellent way to do just that: solar energy efficiently reduces your bills, and you can feel this in the short and long term. Depending on where you live, solar panels can pay back for their installation very quickly. Additionally, if you further invest in a battery system, you can use solar power even when there is no sunlight by storing the power for when it’s needed. Besides just reducing your power bill, solar energy can also help you reduce your heating bill if you rely on electricity for heating. So, consider getting residential solar for your home and start saving money on bills right now. You will begin to feel the difference in your monthly bills right away, and the benefits get better and better over time.
You become eligible for tax benefits
While installation costs for your solar panels depend on the system’s size, they typically cost between $15,000 and $25,000. This is an estimate for solar systems which cover a home’s total energy usage. However, solar panel owners are eligible for ITC (Investment Tax Credit). ITC, also known as Federal Solar Tax Credit, allows you to deduct approximately 26% of the installation cost from your federal taxes. This reduction helps deal with your upfront expenses by quite a lot. Additionally, you might be eligible for other rebates and tax incentives depending on where you live. So, when looking into solar energy in your area, be sure to research which financial savings you qualify for. Also, remember that if you want your panels to keep working properly, you must regularly maintain them. Thankfully, you don’t need to perform the maintenance and repairs yourself. Experts can help with solar panel maintenance, so ensure you never ignore the state your solar panels are in.
Solar panel systems generally last long after installation, as expected for something that costs thousands of dollars. A solar panel system has a warranty of 25 to 30 years. However, depending on how well you maintain it, they can last much longer than that. If they’re properly maintained, the degradation rate of a solar system slows, and they only lose 0.5% effectiveness every year. If you take proper care of them, your solar panels will work at 88% effectiveness when the 25-year warranty ends. All in all, as can be confirmed by solar companies in Texas, solar panels continue to be useful after their warranty ends. You can take the panels with you even if you end up moving house; however, the experts from State to State Move note that solar panels need special attention during transportation. Otherwise, they can get damaged incredibly easily during the process.
Solar panels increase property value
Logically, the value of a home increases depending on the features and systems it has installed. A solar panel system massively increases the value of a home it’s installed in. All in all, if you’re looking to sell a house and want to add value to it, solar panels are easily the way to go. Real estate agents report that home buyers are usually willing to pay a premium for a home with solar panels. So, not only does the property’s value increase, but it’s also much easier to sell. However, when you increase the value of your home, you also have to consider home insurance. Knowing how solar panels affect home insurance is essential before going through the installation process. To avoid any issues with home insurance, make sure you sort everything before installing the solar system instead of falling into unnecessary problems.
There are inexpensive alternatives
If you want to benefit from solar energy but don’t have the funds for a system of your own, you can consider some relatively inexpensive alternatives. Mainly, community solar power is a great way to benefit from solar without having your system. This involves a third party installing many solar panels in an area. The energy that is generated from this is delivered to the grid, and households within the area can subscribe to the service. Doing this allows you to bypass the upfront and installation costs for the trade-off of paying monthly. You can easily find out if your home is within a community area covered by solar companies in Texas by looking for shared solar opportunities. Additionally, the enrollment process is easy and quick, so signing up isn’t a hassle. This is a great way to benefit from solar energy without having to pay thousands of dollars upfront.
Financial benefits of installing solar panels – wrap up
There are many benefits of installing solar panels, as most solar companies in Texas will tell you. Solar panels are a good financial decision due to the tax benefits and reducing your monthly bills. Also, by increasing the property value of your home, you can easily sell your home for more if you ever decide to sell it. And since solar panels are so popular these days, the sale will also be much quicker overall. There are many reasons you’d want to have solar panels installed, most of which are financial. And for those who don’t have the money for their solar system, community solar is always an option. We hope that this list of financial benefits of installing solar panels has convinced you to have a solar panel system installed, and we wish you a good day.