Financial Benefits of Installing Solar Panels

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Considering that demand for solar energy systems in the United States is growing by nearly 24% every year if you haven’t yet considered installing solar panels, then why not?

Solar panels convert sunlight into electricity that can be used to power your home. But you will be saving more than just a few dollars on your utility bills. From tax incentives to your property’s resale value, there are some surprising financial benefits of installing solar panels.

Read on to discover the financial benefits of solar panels.

Installing Solar Panels

Reduce Your Energy Costs

One of the main economic benefits of solar panels for your home is the reduced energy costs. A well-maintained solar power system can provide you with enough power to run all your electronics.

If you live in a location that sees a lot of sun, any excess power your panels produce is sent back to the grid in return for an energy credit. Even during cloudier periods, your panels will be drawing and storing energy meaning you will still be making big savings on your utility bills. 

Long-Term Value

Though solar panel installation is initially a big expense, you can be sure that they will provide long-term value. Many solar companies also offer a 25-year warranty, for extra peace of mind. 

According to the Federal Trade Commission, the average lifespan of residential solar panels is about 20-25 years. If you regularly maintain and inspect them, they can last much longer than this, producing power for up to 50 years.

The general rule of thumb is that when your energy bills start creeping back up, it may be time to replace your panels.

Increase the Value of Your Home

There is a misconception that solar panels are eyesores that detract from the look of a home. This is a myth. Solar panels are now much more aesthetically pleasing and can effectively match your home’s exterior.

Installing solar panels is an effective way of increasing both the value of your property and its saleability. As more people start to recognize the value of sustainable homes, demand for properties with solar panels rises.

Benefit From Tax Incentives

If you’re looking for an excuse to get an estimate and start your solar journey today, then this might be it. Benefits include the federal solar tax credit, as well as a whole host of other local incentives like the renewable energy systems property tax exemption for Texas.

The federal solar tax credit will reduce your upfront expenses, while other incentives are dependent on your location and property size. It is a good idea to research and discover what financial savings you are eligible for before investing in solar power.

Why Installing Solar Panels Makes Sense

With so many solar panel benefits, it makes sense to make the switch to solar. Not only will you be saving money, but you will also be helping in the fight against climate change.

Look into installing solar panels today so you can power your home with a good conscience!

If you enjoyed this article, be sure to check out our other useful guides today!

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