Did you know that one in every 600 U.S. homes installs a solar energy system every quarter? That’s despite the recent increases in installation and technology costs.
A key reason for solar’s sustained growth is its long list of long-term financial benefits. More and more consumers, in turn, are now aware that such perks outweigh those recent price hikes.
As someone considering solar, you might be wondering what those benefits are.
Don’t worry. We’ll tell you what you need to know below, so keep reading.
Increase Your Home’s Property Value
Installing an average-sized solar energy system can boost a home’s value by about $15,000. New house shoppers, in turn, aren’t just willing to pay for that extra; they may even agree to shell out more. In addition, properties designed to save energy usually sell faster than non-energy-efficient ones.
Your new solar energy system may not even cause your property taxes to rise. You can enjoy that incentive if you live in one of the 36 states with property tax exemptions for solar.
Owe Fewer Income Taxes
Do you pay the federal government income taxes? If so, you may qualify for the federal solar investment tax credit (ITC). It’s an incentive given to homeowners who buy and install panels in their residences.
The 26% ITC for 2022 applies to solar panel installation service costs. So, for example, if the system costs you $10,000, you can get a tax credit of $2,600. You can then deduct that $2,600 off the federal taxes you’d otherwise pay.
That’s not all: some states also offer tax credits to their residents. One example, according to the solar company Blue Raven, is South Carolina. SC homeowners who invest in solar can get a 25% state tax credit.
Reduce Your Energy Bills
After installing solar panels at home, you can still expect to get a monthly electricity bill. However, it’ll likely be far lower than what you usually pay. After all, you’ll start generating electricity, so you’ll rely less on grid-provided energy.
There may even be days when you save energy and generate more than you need. Thus, you might get a negative amount due on your bill if you’re on a net metering program. So even if you get a statement, you don’t have to pay your utility company any money for that month.
May Help Reduce Healthcare Costs
Unlike fossil fuel-based energy, solar energy, in itself, doesn’t produce pollutants. It has a carbon footprint, yes, but that has more to do with the life cycle of solar panels.
The bottom line is that solar energy systems still emit fewer harmful gases than coal, fuel, or oil.
Thus, scientists say solar can reduce healthcare expenditures by reducing air pollution. They even noted ten states can cut such costs by $4.7 billion if they hit their renewable energy target by 2030.
Time to Reap Solar’s Financial Benefits
As you can see, going solar has many financial benefits, from fewer taxes to lower, even zero, utility bills. Even if it costs quite a lot upfront, you can recoup those expenses within a few years. After that, all the money you can save then goes straight to your pockets.
So, why not consider working with a reliable solar panel installation company ASAP? The sooner you do, the sooner you can reap the benefits of this green energy.
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