While globally, many consider a solar panel first and foremost an environmental investment, there are actually many financial benefits that make going solar a sound monetary investment as well. From savings on energy bills to government incentives, every day more and more Americans are choosing to invest in solar energy.
First, there is the obvious savings on electric bills: as most solar systems tie into the grid, as they produce energy, the home meter begins to rotate backwards, subtracting kilowatt-hours. These energy savings are so severe that, on average, homeowners report saving $1,344 within the first year alone. Furthermore, if a solar panel is installed in a vacation home, the property then has the opportunity to truly become an investment as it becomes a small-scale solar farm.
Second, both federal and state governments are offering more and more incentives for solar energy investment. Since 2009, the federal government has issued tax rebates equal to 30% of the purchase and installation costs of a solar system. Additionally, states typically offer their own stimuli, either in the form of a rebate-based incentive upon installation, or in the form of a production-based incentive over time. Within years, the government credits back a significant portion of what homeowners paid for their system, leaving them with an incredible bargain.
Finally, there is the issue of property value–in many cases, state law prohibits the taxing of solar systems through either sales or property tax. This means that a homeowner can invest in a solar panel, accumulate the above minimum 30% rebate, and never pay a penny more on the system. This allows property value to increase dramatically with relatively little work and no additional property tax, making the home all the more attractive to potential buyers.
In the end, it is easy to see solar energy as more than just an environmental investment. In addition to feeling satisfied with the lifestyle change of a solar investment, homeowners can feel excited, too, as they invest in a system that pays itself off over time with help from the government, loads of tax cuts, and a skyrocketing property value.
If you would like to know more about the benefits of solar energy, or are considering investing in a solar system, contact us.