Although the US is at the forefront of leading the transition to renewable energy sources, only 2.8% of the energy it produces comes from solar energy.
However, more and more people are steadily embracing solar energy, and for good reason. With all the financial and environmental perks, it’s hard not to make the switch.
With things getting tougher by the day, most people are looking for ways to cut costs, including energy bills. Solar panels fitted by the Top residential solar power company in Quincy Illinois can help you save a bundle on electricity bills, but that’s not all. There are tonnes of financial benefits to going solar that can help you reduce your spending and even earn you some extra cash.
Don’t believe us? Then please keep reading, and we’ll show you how. In today’s post, we’ll deeply dive into the financial benefits of Solar Panel Installation.
Reduced Utility Bills
Did you know that solar panels save the average home between $10,000 and $30,000 over a 20-year period? That’s enough money to start a business or take your kids to college.
The most significant benefit of going solar is that it reduces electricity costs. With the recent increase in electricity costs, there’s no better time to get solar panels. Solar panels allow you to generate your own electricity, which means you’ll be less reliant on your utility company.
How much money you save will depend on the state you live in and the size of your solar panel system. In some states, like California, Arizona, and Nevada, you can save quite a lot on your electricity bill.
But even in states with lower electricity prices, solar panels can still save you a considerable amount of money. In some cases, a solar panel system offsets 100 percent.
Increases Your Home’s Value
Going solar doesn’t just cut your electricity bills, it also increases your home’s value. Studies have shown that homes with solar panels sell 20% faster and for 17% more than homes without them.
If you’re thinking of selling your home in the near future, installing solar panels is a great way to increase its resale value. Even if you’re not planning on selling your home, it’s still nice to have a valuable home. At least you’ll have something to brag about.
Federal Tax Credits
The federal government offers a tax credit for solar panel installations. The solar investment tax credit (ITC) allows you to deduct 26% of the cost of your solar panel system from your taxes.
For example, if you spend $20,000 on your solar panel system, you can deduct $5000 from your taxes. This tax credit is available for both residential and commercial solar panel installations.
However, it’s worth noting that the ITC is set to expire in 2024 unless Congress renews it. So if you’re thinking of going solar, now is the time to do so.
State Rebates
In addition to the federal tax credit, some states offer their own rebates and incentives for going solar. These rebates can significantly reduce the cost of your solar panel system.
For example, California offers pretty high rebates for residential solar panel installations. You can look online to find out if your state offers solar rebates. These rebates can help you save a lot on your solar panel installation.
Solar Panels Have an Excellent Return on Investment (ROI)
Solar panels have a great return on investment (ROI). In fact, solar panels are one of the best investments you can make.
The average ROI for solar panel systems is 10%. That means for every $1000 you spend on your system, you’ll get back $100 in savings over the course of 20 years. And since solar panels last for 20 to 30 years, you’ll continue to see financial benefits long after your initial investment has been paid off.
Renewable Energy Credits
Renewable energy credits (RECs) are another great way to save money when you go solar. RECs are credits that you earn for generating electricity from renewable sources.
These credits can be sold to utility companies or other businesses that need to meet their renewable energy goals. The value of RECs varies depending on the market and the type of renewable energy. This is a great way to offset the cost of your Residential Solar panel system and make some extra money.
Engenders a Sustainable Future
Aside from the immediate benefits, solar energy helps engender a more sustainable and thriving future.
With a more sustainable future, governments spend less on initiatives to curb climate change and global warming. In fact, with the current trend, we could see the US spending a staggering $2 trillion every year to mitigate the effects of climate change.
Solar energy also helps create jobs and promote economic growth. The solar industry currently employs hundreds of thousands of people in the US. This number is expected to increase, given the growing popularity of solar panels.
Other Benefits of Going Solar
Apart from the financial advantages, there are plenty of other benefits to switching to solar energy. Some of these benefits include:
Reduced Dependence on Fossil Fuels
Solar energy helps reduce our dependence on fossil fuels, which are non-renewable and harmful to the environment. Fossil fuels release greenhouse gases into the atmosphere, causing climate change and global warming.
Solar energy doesn’t produce these greenhouse gases, making it a much cleaner and environmentally friendly option. Going solar also helps reduce noise pollution because solar panels don’t produce any noise, unlike petrol and diesel generators.
They’re Super Low Maintenance
Solar panels require very little maintenance. Once your Solar Contractors
install them, all that’s left is to sit back and let them do their job. However, you do have to clean them every six months to remove any dirt and debris.
What’s more, solar panels have no moving parts, so there’s nothing to break or wear out over time. They also don’t require any fuel, so you’ll never have to worry about buying petrol or diesel for your solar panel.
Although solar panels require low maintenance, they have very long lifespans. Once you’ve installed your solar panel system, you can enjoy the perks for 25 years or more.
Safer Than Conventional Electricity Sources
Solar panels are also much safer than conventional power sources. There’s no risk of electrocution because solar panels don’t have exposed electrical wires.
They’re also not a fire hazard because they don’t produce any heat or flames. This makes them ideal for homes with young children or pets who might accidentally damage conventional electrical systems.
Better Aesthetics (Nowadays)
Solar panels have come a long way in terms of aesthetics. In the past, solar panels were large and bulky and not very attractive. But nowadays, solar panels are sleek and stylish.
They come in all sorts of shapes, sizes, and colors to match your home’s aesthetic. You can even get clear solar panels that are practically invisible.
So don’t worry about solar panels ruining the look of your home. There are plenty of options to choose from that will blend in seamlessly with your home’s design.
How to Pick a Solar Company for Your Solar Panel Installation
Hopefully, you now have enough reasons to get solar panels for your home or business premises.
Installing solar panels by yourself isn’t really practical, but with so many solar power installation companies, how do you pick the right one? Well, here are a couple of tips for picking the right solar panel company for your needs.
Check If the Company Is Licensed and Insured
The first thing you should do is check if the company is licensed and insured. This is important because it protects you from liability in case something goes wrong during the installation process.
A good solar panel company will have all the necessary licenses and insurance to protect both its workers and your property. Remember, any solar company without a license is operating illegally.
Check Reviews and Testimonials About the Company
Reviews and testimonials from past clients will give you a good idea of what to expect from the company in question. You can find these reviews on the solar company’s site or on authority review sites like Yelp.
A good solar panel company will have mostly positive reviews because it means they’re doing a good job. However, keep in mind that no company is perfect and a few negative reviews are normal.
Check the Company’s Experience
The company’s experience is also an important factor to consider. A solar panel company that has been in business for a long time is more likely to be reliable and have the necessary expertise to install your solar panels correctly.
On the other hand, a new company might be trying to cut corners to save money, which could result in a substandard installation.
Going Solar Is the Way to Go
With so many financial and other benefits, there’s absolutely no reason why you shouldn’t switch to solar.
Going solar might be one of the best decisions you make in your life. However, make sure you do your homework to find the best solar panel installation company for your budget.
Also, don’t forget to take advantage of any incentives your state offers to get the most out of your solar panels. For more informative content, check out the other posts on the site.
