An infinite sustainable source of energy is no longer “approaching.” It’s here. Solar panels are fast becoming a viable option for many homeowners looking to save money on their electricity bills. The sun has enough energy to fuel the universe for another five billion years, and solar panels can turn the sun’s nuclear power into electricity to power our homes. Wondering about the specific benefits that would make solar panels a wise investment for your home? Let us explain.
Reduce your energy bills
The average home will spend more than a whopping $18,000 on energy in the next 10 years. And while installing a solar energy system comes with some up-front costs, it’s a long-term investment. Since you’ll be using your own electricity to power your home, you only have to rely on the grid supply as back up. You’ll be using less utilities, and therefore saving money as soon as it’s active, which will multiply over time.
Increase the value of your home
With an increasing awareness on green living, it’s no wonder that buyers are willing to pay more for homes that use solar energy—up to $17,000, as research shows. This is especially true in areas that have higher electric costs. Not only are solar panels a smart way to increase your home’s value, but your home could sell 15% faster than houses without them.
Incentives for going solar
Many states offer incentives for installing solar panels, such as tax credits, rebates, and grants. For example, North Carolina gives a 35% tax credit against the total cost of the solar panel system, and the Federal government gives a 30% tax credit. Local utility companies must buy back the electricity created by your solar panel system through net metering. Visit the Database of State Incentives for Renewables and Efficiency website for more detailed information, but in total your solar energy cost savings could be up to 90%, and average payback time is 4 years or less. Typical solar panel systems have warranties for 10 to 15 years, so you’ll keep saving money long after the system has paid for itself.
Installing solar panels could be the wisest investment you ever make. With the savings you make on your electricity bills, the increased value of your home, and the government incentives available to you, there aren’t many reasons to not go solar.
Emily Rivers works for Quotatis as a Content Marketing Executive. She informs customers of the latest developments in a range of products so they can make the best choice for their homes.