Spin your meter backwards and get paid for the power you produce.
There is no better time to take advantage your tax incentives, want to learn more?
Solar has come a long way over the past few decades and the cost of these systems has fallen significantly in the past five years. In fact, most individual states have invested tens to hundreds of millions of dollars in solar. As a result, solar panels are much more in reach for consumers, not to mention the benefits solar offers.
Solar slashes your energy bill
A significant portion of household expenses is utility bills. Many people are surprised to learn how much electricity appliances and other household items actually draw per year. Over time, these costs really add up. Generally, this is especially true for people who live in areas where utility companies charge higher amounts for kilowatt-hours (kWh) and will see an immediate marked difference. Others who live in areas where kWh prices are lower will still see savings, but may take a little longer to be realized. Over the lifetime of solar panels, the average home can save between $10,000 and $30,000.
Earn tax benefits
The U.S. government offers allows a tax credit for people who have install solar energy systems. For solar panels installed before Jan. 1, 2023, the tax credit is 26%. For panels installed between Dec. 31, 2022 and Jan. 1, 2024, the credit is 22%. This is an extension of previously established tax credits which indicates a continued push for conversion to solar in years to come. You’ll find financial benefits in these types of initiatives.
Enjoy a higher resale value
Houses that already have solar will be an appealing feature for homebuyers, especially as individual states add solar requirements in upcoming decades. Installing solar will fetch your home a higher resale value.
Sell back unused energy
Homeowners find on sunny days their panels may generate more electricity than they need. What many people don’t realize is they don’t lose that energy. Instead, they can look at their state’s net metering options (regulations vary by state). Net metering allows you to sell any electricity you haven’t used back into the grid, putting money back into your wallet.
Store used energy
Another option for homeowners who are investing in solar is to choose to store excess electricity instead of sending it back to the grid. By investing in a solar battery system, they can use their stored energy at a later time. If the battery becomes fully charged, you can then sell back this unused energy.
Now’s a great time to invest in solar panels
Energy efficiency and greener lifestyles are not a trend that will be disappearing anytime soon – they are here to stay. Investing in solar is a great way to generate electricity efficiently and save money in the process. Real estate agents consistently say homes with green features sell far more quickly and fetch higher asking prices. Not to mention, removing reliance on other energy sources cuts down on your carbon footprint, which helps the planet.
Clean energy is the future and, as clean energy initiatives become even more mainstream, many homeowners find their solar investment paying off.