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How Long To Recoup Your Investment: Financial Benefits Of Installing Solar Panels

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Investing in solar power for your home can be an overwhelming thought. You know there are financial benefits, but it can be a large investment for some. Having an idea of how long it can take solar to pay for itself should ease some anxiety.

The national average cost for installing a solar system is around the cost of a new car. However, this cost can vary for each person due to different state incentives and tax breaks, as well as the size of your home and needs.

The first thing people look at are the energy savings they will see using solar power. Again, the numbers vary by state and energy expenses as well as natural sunlight, but the national average is around $84 dollars a month. When you use only that number it can take around 10 to 20 years to earn back your investment. However, it’s likely you plan to live in your home for that long, if not longer, already.

That’s just one factor to look at though. As mentioned above there are different state incentives and tax credits available to solar power users. Research your state to find out what they are. On top of state incentives, there is also a federal tax credit or up 30% of your cost. Those are immediate savings to help ease the cost.

Last, but not least, there is the added value to your home. In many places the value increases, but you are not taxed on that increase. Again, you’ll need to research your state laws to see if that is the case for you. However, the added equity into your home is important. Just like remodeling your home adds value, so do solar panels, and many people spend far more on a kitchen remodel.

When you look at these savings on top of the monthly energy bill savings, you can cut that 10 to 20-year timeframe down quickly. The great thing about adding solar energy to your home is that you can get immediate benefits and savings, as well a system that will pay for itself over time. If you had bought that new car mentioned above you would be losing money the minute you left the car lot.

We understand how overwhelming the process of installing a solar system to your home can seem. Contact us and let us help you start your energy-saving journey.

 

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15 COMMENTS

  • Solar Power For Residential Homes
    September 1, 2017, 3:22 am REPLY

    Solar power systems derive clean, pure energy from the sun. Installing solar panels on your home helps combat greenhouse gas emissions and reduces our collective dependence on fossil fuel. Traditional electricity is sourced from fossil fuels such as coal and natural gas. When fossil fuels are burned to produce electricity, they emit harmful gases that are the primary cause of air pollution and global climate change. Not only are fossil fuels bad for the environment, but they are also a finite resource. Because of this, the price is constantly fluctuating and can increase in a short period of time.

  • Rosie Beckett
    September 4, 2018, 12:17 pm REPLY

    My husband and I are thinking about installing solar panels in our home and I am glad that I found this article because I didn’t realize there are so many benefits. It is interesting that you say solar panels will add value to your home and this will help us when we decide to sell our home in the future. Also, the fact that it will save us money each month on our energy bill makes solar panels cost-effective for us in the long run.

  • Natasha Thomas
    October 30, 2018, 2:10 am REPLY

    great and helpful blog to everyone.. thanks a lot for sharing

  • Frank Smith
    November 19, 2018, 8:42 am REPLY

    In an average house would it be wise to use solar?

  • Frank Smith
    November 19, 2018, 8:42 am REPLY

    In an average house would it be wise to use solar?

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