Americans are going solar every single day, with the residential market growing by 16% every year. With all of the discussion surrounding solar panels, you might think you’ve already heard everything there is to know about them.
However, some of the hidden financial benefits of solar panels may surprise you. To see how solar can save you even more than you may realize, check out these amazing perks that can come with panel installation.
1. It Cuts Your Electric Bill
If you ask most homeowners why they would go solar, the long-term reduction to their power bill would prove to be one of the most popular answers.
So if you’re generating your own power, that means you’re drawing less from the grid and incurring lower monthly energy costs. But if you generate more power than you use during daylight hours, the process of net metering can allow you to “sell” that unused power back onto the grid for a credit.
These credits are subtracted from your total power use, further lowering your final bill
2. Financial Incentives Can Drastically Reduce Installation Cost
It’s no secret that panel installation is an investment. And the upfront cost of that investment may cause some homeowners to balk.
But tax credits and other financial incentives can put major dents in that investment. And because this is a major factor in a homeowner’s decision, a local solar company like Blue Rave Solar in Huston will often be very familiar with the pertinent incentives available to prospective clients. For an example of this expertise in action, read more about Blue Raven and how they work to save their clients money.
3. Solar Panels Create Long-Term Value
Another major boon to homeowners is the long-term value that panel installation can add to their properties.
You can expect most modern systems to have lifespans in the 25-30 year range. And even after that warranty expires, many systems will continue to operate at high capacities. So you can rely on your array to continue to save you money on your electricity costs well after it’s paid for itself.
And the panel arrays themselves are a valuable home addition. Some homeowners have been willing to pay offer as much as $15,000 more for a solar-equipped property than they would for a comparable option.
4. Solar Helps You Stave-Off Rising Energy Costs
The costs of conventional power sources like fossil fuels tend to continue to rise from year to year. The exact increase varies from state to state, with most states seeing increases between 1 and 3% annually.
Providing for your own power production insulates you from the rising costs of power production while helping to reduce your personal consumption of fossil fuels.
Going Solar for Your Wallet and the Environment
Solar technology is only to become more widespread with time. We may well see a future where most, if not all of our power, comes from the sun.
Meanwhile, the cost of other energy sources tend to rise. So by going solar now, you’re setting yourself up to save the most in the long run.
But solar power is only the beginning. For more ideas on saving money in your home every day, be sure to keep up with all our latest financial and home care tips and guides.