As a homeowner, saving on electricity costs is an attractive prospect. If you are thinking of installing solar panels in your home to reduce your energy costs, you’re on the right path. Many more Americans have had solar panel installation in their homes, and as a result, increased the amount of solar power to 27.4 GW as recorded in 2015. A substantial rise from the 1.2GW that was recorded in 2008. Here’s how solar panel installation helps homeowners save money.
Lowers Electricity Costs
If your household is energy-intensive, many are the times your electricity bill will take more from your wallet every year. Electricity rates in North America are on the rise, with the average household spending about $1,430 annually to pay for electricity bills. Luckily, you can reduce your electricity costs or eliminate them by relying on solar panels for all your domestic energy needs.
When you’re producing your own solar energy enough for all your energy demands, you can get off the grid and never have to pay for electricity again. When your solar panel installation is done properly, and you adhere to the routine solar panel maintenance practices, you’ll produce maximum energy for up to three decades. Ultimately, you’ll lower your electricity costs by a big margin, or you can produce enough solar energy to enable you to get off the grid.
Increases the Value of Your Home
There is more to solar panels than saving on electricity costs. Solar panel installation is a substantial investment in your home. Prospective homebuyers will be more attracted to a home with solar panels, as opposed to one without solar panels. If you want to sell your house after installing solar panels, it would fetch a much higher price in the market. The energy savings costs brought about by using renewable solar energy will attract more buyers who wish to keep their energy bills at a minimum. As such, you should engage a solar panel installation company to install your solar panel system.
Take Advantage of the Federal Solar Tax Credit
In a bid to sway more American homeowners to embrace green-energy fully, the U.S. government introduced the solar investment tax through the Energy Policy Act of 2005. Solar investment tax credit (ITC) allows homeowners to deduct 26% of the cost of installing solar systems from their Federal taxes. This income tax credit incentive changes from time to time. Currently, the solar tax credit is set at 26%, but it will decrease to 22% at the close of the year — 31st December 2020. Why not install solar panels and enjoy the tax incentive that will save you a few bucks when filing your annual income tax?
Easy to Repair, Maintain, and Relocate
Solar panel repair and maintenance is affordable, and you will find many solar panel maintenance companies near you offering repair and maintenance services. Once you pay the upfront cost of solar panel installation, you can easily have them repaired and maintained to preserve their quality. The good thing is that solar panels are built using sturdy materials that can stomach adverse weather conditions without sustaining extensive damages. Additionally, the installation process of the solar system is simple and fast. When you need to relocate the solar panels, maybe when moving house, your solar panel installation company will be ready to help you in the transition.
Installing solar panels in your home is a substantial and worthy investment that will save you money in the long-term. Other than cost-savings, you also help reduce the global carbon footprint by using renewable solar energy. Professional solar panel installation will ensure that you get more from your solar system, with minimum repair and maintenance costs.