Homes with solar panels are net producers of energy, and in some cases, homes can even produce more electricity than they use!
All that excess electricity returns to the grid for other customers to use. The result? Homes with solar panels make money off of their neighbors’ energy usage!
But it doesn’t end there. Installing solar panels on your home is also a great investment opportunity. The financial benefits are noteworthy because these systems continue to increase in value cost savings. So let’s take a look at the seven rewarding solar panel benefits.
1. Reduce Your Energy Costs
If you have your own electricity-generating solar panel system, you should see a decrease in your monthly utility bills. Some people pay less than $10 per month for electricity! Enjoy all the benefits of an energy reduction without rewiring your home.
But soon, you could be making even more money off your solar panels with Net Metering Laws. If your state has net metering laws, it means that you can connect your solar panel system to the power grid and sell any excess electricity back to the grid during times of peak demand.
This means you’ll pay less for your electricity bill. Now that’s what I call a good investment opportunity!
2. Take Advantage of Incentives and Rebates
But the savings don’t stop there. The Federal Government also offers tax credits and incentives for renewable energy sources and appliances found in your home.
As many people know, you may be able to get thousands of dollars worth of tax credits and deductions when filing your taxes in the United States. The amount you can get will depend on several factors, including the size of your solar system and where you live. The sooner you take advantage of these incentives, the more money you could save in the long run.
You may be eligible for an income tax credit. Some states also offer renewable energy certificates (RECs) that decrease your electricity costs and may even pay you to use green power rather than fossil fuels.
3. Add Value to Your Home
If you ever decide to sell your home, adding solar panels can increase its value. Homebuyers are more likely to go for a house with solar panels because the system lowers utility bills and helps you save money over time.
Solar panels are good for the environment. But they also make your home more desirable. Attractive, silent, and sleek, solar panels can sit on a roof or the ground. And because they install in a day, you can start generating clean and affordable electricity right away!
In fact, homes with solar panels have sold for 12-15% more than homes without them! Homes with new solar panel installations will appeal to buyers who want to reduce their carbon emissions and go green.
4. Make Money From Excess Energy
As mentioned before, homeowners who have invested in their solar panel systems continue to collect money for excess energy they produce. In some cases, homeowners earn money when they produce more energy than they use in their homes.
This extra income can be great for people looking to support their income. It’s also a great option for new homeowners, especially those who want to ensure they have reliable access to electricity while building equity in their home and going solar for themselves!
5. Balance The System
Like in point 4, solar power will cheapen electricity use as more people adopt it. The nature of variable tariffs and surge pricing means that people avoid peak times. Likewise, they’re encouraged to take it off the grid off-peak.
You can also get paid to take electricity off the grid in the same way you can sell excess solar back to the grid! One example of this would be to charge an electric car up overnight where there is an excess of wind power from a storm.
6. Opens Up A New World to Cheaper Living
Once you’ve got solar panels, you may find you’re looking at whether you can save money by driving an electric car or installing a heat pump to replace your old furnace.
And not only that but saving money is addictive. Whether it’s your internet, cellphone contract, or binning that gym membership, you’ll find money in places you never knew existed!
7. It’s Good For The Environment
All this is good for the environment. It means that less CO2 enters the atmosphere from traditional sources. This, in turn, results in a healthier ecosystem.
By living healthier and happier lives, we save money by spending less on things we don’t need. At the same time, this gives us more available to enjoy time with our family.
If you install solar panels on your roof and let them power your home during the day, that energy can then produce electricity at night. The electricity goes back to the grid, where it’s used for someone else’s home, business, or industry. This is also known as net metering, and it allows you to sell some of your excess energy back to the grid.
There Are Many Financial Benefits to Solar Panels
Solar is an investment that can help you save serious money on your energy costs and add value to your home. And there is a lot of money for homeowners to make from installing solar panels, making the financial benefits undeniable.
If you are thinking about getting panels installed on your roof, make sure you get in touch with us today and get a quote. We’d love to brighten up your life!