Are those black roof tiles? Nope! They’re solar power panels that are installed to the roof of your home to generate clean electricity. By using the light from the sun, solar panels have the ability to supply energy to your house and heat your pool
without costing you extra after your upfront investment. If you’re a homeowner that has to constantly deal with costly electric and utility bills, then considering the benefits of solar power is a great way to tackle this problem head on. However, it’s
not always the easiest decision to make. After all, what are the factors that make solar panels a wise investment choice in the first place? Here at Brian Burds, we’re ready to break everything down and help pave the way so that you’ll have less energy
bills coming your way.
What to Consider if You’re Thinking About Solar Power
Just like the decision making that took place when you were purchasing a property, solar power investments need careful planning as well. Let’s take a closer look at some of the factors that you as a homeowner might experience before you further learn
about the benefits of solar power.
Examine your Electric Bill
The higher your electric bill and electricity usage, the more benefits that solar panels can provide you. The power of the sun can greatly reduce how much you’ll have to pay, if not entirely get rid of the bill down the line. Although that sounds like
fantastic news, it’s also important to note that any utility’s electric prices can change down the line, as well as how much electricity you’ll use.
Consider Your Location
Because solar panels rely on the renewable energy of the sun, you’ll get a better usage out of them if you live in a location with decent sunlight. For instance, hot Arizona and sunny California are states where the sun is mostly shining year-round. Even
if you don’t live in those states, you can take a look at how your home faces the sun, the amount of time it sits in the shade, and what your roof type looks like to get a gauge on how much sunlight exposure it’ll receive. Using this solar panel calculator
can give you more personalized insight.
Qualifying for Incentives
Incentives like tax breaks certainly can’t hurt when you choose to invest in solar power. Because the government offers homeowners a lot of these breaks, it’s an added bonus to see if you qualify. In terms of the federal level, the residential tax credit
allows taxpayers like yourself to claim 26% of installation costs for panels placed in service by Dec. 31, 2022. Who doesn’t love a reduced tax bill?
When it comes to your specific region, you might even be eligible for more incentives such as cash back, tax exemptions, and more. To see what specific credits you might be able to take advantage of, check out this state database.
Solar-Powered Home Benefits
Believe there aren’t any more benefits to solar panels beyond reduced utility bills? Then think again. Here are some additional solar power benefits that you probably haven’t thought of before.
You Can Sell Electricity
Because solar panels help you generate your very own electricity, you can take advantage of a net metering plan to sell that energy to your local utilities. This can help offset the energy consumption you use at other times and help to significantly reduce
your monthly bills on top of the savings you’re already receiving. If you’re interested in learning more about the specific net metering regulations for your local area, take a look at the DSIRE database for more information.
Adds Value to the Home
When homes decrease in value over time, anything you can do as a homeowner to increase its value is a great idea. That’s where solar panels come in. By installing them alone, you’ll already be able to justify a higher asking price when it comes time to
put your home on the market. How much of a higher price, you might ask? Buyers across the country have been willing to pay an average premium of about $15,000.
Beyond the fact that it can save money alone for bills, it also contributes toward a “green” living trend that all homes hope to embrace going into the future. Finally, these panels can actually make your home more attractive and affordable to a potential
buyer than other properties without. This is due to the fact that the panels are already financed for the buyer through the mortgage.
Another additional benefit that can add value to the home is the fact that solar panel systems can last quite a while, for about 20 to 30 years. During this time, you’ll only have to worry about minimal maintenance. That’s in addition to the support that’s
offered, such as a reliable warranty that can last for decades. In the end, the total lifespan of a solar panel array can grant you anywhere between $10,000 to $30,000 on utility costs. That’s a fantastic return on investment.
The Cost of Solar Panels
Although the cost depends on a variety of factors such as the layout of your home and roof, you can expect an average upfront investment of $15,000 to $25,000. However, you shouldn’t forget that keeping these panels clean every so often can help
increase their efficiency and output, which is more worth it for your money. As mentioned above, tax credits and incentives can also help to reduce your overall cost. Even if you can’t pay up the entire investment, there are a plethora of financing options
available, such as government loans, a home equity loan, solar leasing, and more.
At the end of the day, there’s plenty to be excited about when it comes to the benefits of solar panels. Because it’s the future of energy for most residential homes, it can pay in spades to get a head start. Just keep in mind that solar panels are a
better investment for you if you plan to stay in your home for the long-term. That way, you’ll be able to reap the most from your green energy investment. The planet and your wallet will certainly thank you.