We all get it: it's important to think about our carbon footprint.
But so many options for reducing it seem to stress our pockets as well. A solar power system might not be free, or even cheap. But it could actually cut your costs ... as well as help the planet.
Intrigued? Read on for the top five financial benefits of solar-powered houses.
1. Cuts or Eliminates Power Bills
Let's start with the obvious reason for installing a solar power system: reduced home energy bills.
If you own your panels and get the size right, you should be comfortably able to generate enough power to eliminate your electricity bill. Plus, if you generate excess power, you will likely be able to sell this back to your local utility company.
2. Government Tax Breaks for Solar Power System Installation
Currently, the federal government is supporting homeowners who install solar power systems. This is known as the federal residential solar energy credit.
Using this tax credit, you can claim a percentage of the installation cost of a solar photovoltaic (PV) system against your federal income tax.
For 2021, you can claim 26% on systems completely installed during the tax year. This will continue at the same level for 2022 but will drop to 22% for 2023. So now's the time to take advantage of this tax break!
3. Increased Property Value
Some homeowners have put off installing solar power systems because it can take years for them to pay back the initial investment.
Now buyers are increasingly conscious both of their carbon footprint and monthly outgoings. This means solar-powered houses are more popular than ever!
In some states, it can boost property values by as much as 9.9%. That could more than cover the cost of the initial outlay, in many cases.
4. Warranties Reduce Financial Concerns
A reputable solar installation company like Blue Raven Solar offers 25-year warranties on the panels they install. You take care of keeping them clean, and they'll take care of any other maintenance needed along the way.
With proper care, there's no reason why solar panels can't go on for 40 years and longer.
5. No Large Upfront Payments Needed
If you like the idea of solar-powered houses but are not in a position to make the upfront payment, it's still possible for you.
Rather than leasing your panels and ending up never owning them, modern solar financing packages give you the best of both worlds. No hefty upfront payments, federal tax incentives, and you get to own your solar power system at the end of the term. It's the easy way to an eco-friendly home.
Solar-Powered Houses: Embracing the New Normal
As we all try to reduce our carbon footprints, there's no denying that solar-powered houses are here to stay.
If you like the sound of lower home energy bills and an eco-friendly home, then solar power is the right choice for you.Enjoyed this article? We've got more waiting for you, and fresh new content is added on a daily basis. Check out our articles on finance, credit cards, and cryptocurrency today!