If you’re a smart homeowner, you’re always looking for ways to save money while at the same time increasing the value of your property. Did you know that installing solar panels on your house can help you do just that? And that they offer many more benefits, as well? Here are some of the top advantages of using panels instead of gas, electric, or another form of power.
Benefits of Solar Panels
- You can significantly reduce your energy bills. Most homes with solar panels are also connected to the grid. This allows them to use the energy generated by their solar panels when there’s sufficient sun while drawing from the grid when they need more energy than they produce. Depending on where you live, you can significantly reduce the amount of power you need from the grid — and that in turn results in much lower energy costs.
- You can gain energy independence. If you live in an area with sufficient hours of sunlight, you might never have to draw from the grid at all. This will free you up from being dependent on utility companies, which can ramp up their prices unexpectedly. It also means that you won’t be affected by power outages and other issues when there are complications with the grid.
- You can take advantage of tax incentives and rebates. When you install solar panels, you get a whopping 30 percent of the costs back in tax credits when you file your federal income taxes. So, if your system cost $27,500, then you’ll receive $8,250 in tax credits, bringing your costs down to $19,250. In addition, most states and municipalities offer their own rebates, which can bring your total investment down considerably.
- You can sell your excess energy to utility companies. Many states have SREC markets. SRECs or solar renewable energy certificates are issued to homeowners for every 1,000 kWhs their systems produce and can be worth between $200 and $300. Power companies have to purchase a predetermined amount of SRECs each year in order to meet their quota for renewable energy. That means that if you sell SRECs to your local power company, you can make a nice amount of money.
- Solar panels increase the value of your home. Having a well-functioning solar panel system installed in your home can significantly increase its value. In fact, one study shows that on average, it increases property values by $3 per solar watt the system produces. So, if you have an average system that produces 5,000 watts, it will add $15,000 to your home’s value.
- You’ll be helping the environment. As if all of these financial incentives weren’t enough, a solar panel is extremely environmentally-friendly. So, if you care about keeping the planet safe for future generations, installing solar panels is a wise choice.
Clearly, installing solar panels on your home can do more than help you save money and increase your property’s value; it can also reduce your energy bills, allow you to earn money and even help the environment in the process. In other words, going solar is a super smart choice!