Interest in solar energy in the residential market continues to grow as solar panels become more affordable and easier to install. Turning your home into a solar-powered home can provide you with a wide range of financial benefits.
Financial Benefit #1: Get Tax Incentives
When you install a solar power system on your home, you can enjoy a wide range of tax benefits. You may get to use the investment tax credit (ITC), which is also often referred to as the federal solar tax credit. With this tax credit, you will be able to deduct a percentage of the installation costs from your federal taxes. This will allow you to reduce your taxable income, saving you money on your taxes. Different states and local governments also offer various tax incentives. This can help to reduce the upfront financial impact of installing a solar system.
Financial Benefit #2: Increase Property Value
Having a solar system that works installed on your home will add value to your home. This is seen as a valuable upgrade to many buyers, who will want to enjoy the perks of generating their own power. More buyers are looking for energy-efficient and sustainable homes, and having a solar system on your home checks both boxes. Many buyers are even willing to pay extra for a home that already has a solar system in place. This should help you with selling your home.
Financial Benefit: Low to No Electric Bill
Third, with a solar system, you will be able to greatly reduce your electric bill if you set up the system with net metering. With net metering, the energy you generate that you don't use for your own home is returned to the grid. So during the day, when the sun is shining, you will be getting paid by the electric company for the power you send them. You will be earning solar credits. Those solar credits will be subtracted from the energy you pull from the grid when your solar panels are not generating energy. Often, you may need up more solar credits than you spend, allowing you to make money on your energy bill. Even if you don't make money on your bill, your bill should be minimal.
When you install solar panels on your home, you can enjoy federal and state tax incentives that will help reduce the impact of the installation costs on your budget. You can enjoy low to no electric bills for decades, and you will enjoy increased property value as well. For more information, contact a local company, like Hudson Valley Wind and Solar.
Share