Solar panels help derive energy from the sun by converting the energy particles from the sun’s light. Many homeowners have adopted the use of solar panels in their homes due to their effectiveness and use of clean, green energy. Additionally, many home owners seek solar panel installation for lower energy bills and added protection against unforeseen energy circumstances. Investing in solar power solutions offers a myriad of benefits for homeowners. With that in mind, here are five reasons you should invest in solar panels as a homeowner:
Additional Tax Breaks
Investing in a solar panel system can offer additional tax breaks than can offset your initial investment. Solar panel tax breaks were implemented to enhance growth of solar investments by homeowners. The exact amount of tax breaks offered depends on the year of installation. For example, solar systems installed before 2019 get 30%, systems installed after 2020 get 26% off, and systems installed in 2021 get 22% off. The tax credit bill expires at the end of 2021, and further tax breaks may be implemented if Congress renews the credit.
The criteria for claiming federal tax credit is simple. Your solar panel system needs to be installed between 2006 and 2021; your solar panel system is installed in your primary or secondary residence in the United States; you own the solar panel system (through cash payment or financing); you are the original owner and first-time user of your solar panel system.
Monthly utility bills can fluctuate over time depending on where you live and how taxes are incorporated in your state. After your initial investment, you’ll see a difference in your electric bill and although it will take a few years to break even, you’ll also benefit from the added protection of having an additional electric source and an increase in your home value.
If your solar panel produces excess energy, a power grid system allows you to sell off extra power energy which could go a long way towards producing long-term benefits from the investment. This process is known as net metering. Through net metering, consumers can earn credits for the unconsumed energy they add to the grid. For example, if a homeowner has solar panels installed and those panels generate more electricity than is used during the day, the electricity meter will run backwards to offer credit against electricity that’s used at night.
Create Additional Home Value
Investing in solar panels increases the value of your home. This is great for homeowners who want to sell the property later on or who plan to leverage the equity in their home at some point. The more your house is worth, the more you’re able to get out of it. For example, if you wanted to opt for a reverse mortgage during retirement, where a lender pays you if you own a majority stakeholder in your property, you want your home to get you as much money as possible with a higher valuation (check out this calculator from All Reverse Mortgage to see if/how you qualify).
Simply put, solar installation value is embedded the property price. More and more homeowners are learning about the benefits of clean energy and are opting to purchase homes that already have solar panels installed. New homeowners see it as a way save time and money associated with installing a solar panel from scratch.
Research has proven that residential buildings account for most carbon emissions in the United States. Having a solar panel in your home helps you contribute to environmental conservation. Solar panels produce clean energy from the sun to supply power in your home without carbon gas emissions.
It has been proven that three to four tons of carbon are eliminated with the installation of a solar panel. This creates a sustainable environment for you and your family. In addition, the solar panel absorbs sun rays and prevents them from hitting the roof directly, keeping the house cool and improving the longevity of your room.
Energy Consumption Control
The bottom line is, most homeowners would love to have control over the energy consumption in their home. This is because the more power energy you use in your home, the higher the electricity bill. The good news is that a solar system gives you independence of not having to worry about energy consumption. When you invest in solar panels, you will not depend on the supply of electricity from the power company. Your solar panels will absorb energy from the sun during the day and store it in the battery for use. What’s more is that solar panels last a relatively long time, giving you long-term control over your energy usage. A solid solar panel system lasts 25 years with minimal maintenance costs.