In a year when most energy demands declined, renewable energy capacity grew 45% worldwide in 2020.
This increase is the greatest seen since 1999, and the growth was for good reason. Renewable energy sources such as solar energy aren’t just better for the environment.
Installing solar panels can also help put more money in your wallet, all while you get to reduce your carbon footprint.
With increased solar power demand, equipment is more accessible than ever. Improvements to solar energy have made it simple to get panels installed for your home or business.
Here are some ways that going green with solar energy can offer financial benefits to you.
Save Money on Your Electric Bill
The most obvious benefit to installing solar panels on your home is seeing your energy bill decrease almost instantly. Once installed, solar panels will immediately begin generating energy.
As you use the energy you are making yourself; you no longer need to rely solely on the local power company. The self-sufficiency you develop will also be good news for your wallet.
You will significantly reduce or potentially eliminate your monthly bill just by switching to solar energy.
Increase Your House Value
While you can make endless improvements to your home, many improvements won’t add long-lasting increases to your house value. Adding new appliances or working on your landscaping can improve your home’s value.
But what happens when your appliances are outdated in a few years or the landscaping requires constant upkeep?
Adding solar panels is one improvement that will guarantee increased, long term value for your home.
Solar panels can last from 25 to 30 years and degrade only a small amount in that time. Even if you don’t plan on selling your home for another decade, future owners will see financial benefits with solar panels.
There is one caveat for getting the most out of your investment, however. Be sure to have your panels installed in a visually appealing or non-intrusive way. That will ensure demand when it comes time to sell your home.
Take Advantage of Tax Incentives
While you can typically pay off your solar panels over time, the government is also available to help you go green.
The federal government does this by offering a solar tax credit. That credit is used to encourage both homeowners and commercial properties to use solar energy.
The Investment Tax Credit is currently set at 26% of the cost. This can put a significant dent in the cost to install solar panels for your home.
With the tax credit set to decrease slightly in the coming years, it is best to get a system installed sooner rather than later. Now is the time to get the most bang for your buck.
In addition to the federal tax credit, many state and local governments also provide tax incentives for solar panels.
The financial benefits of solar energy become clear when taking into account tax breaks on both the federal and state level.
Prevent Increased Energy Costs
Watching energy bills increase year after year can be disheartening. To make matters worse, there are no indicators that traditional electrical bills will be decreasing any time in the future. Fossil fuels are finite, after all.
Yet another benefit of installing renewable energy for your home is protection from a future of increased bills. The local electric company may increase their prices, but you’ll be making your own energy with solar panels that you already have.
Contribute to a More Sustainable Planet
What if you could help reduce pollution all while saving money?
The world’s energy demands continually increase. Traditional forms of energy based on fossil fuels just worsen the pollution problem. To top things off, these energy sources are not renewable.
Pollution and climate change have a significant impact on the health of the population. Health problems inevitably turn into financial problems. This is why the government spends serious money in an attempt to reduce global warming.
Investing early in solar energy allows you to become a part of a more sustainable future. With solar power, you’ll be investing in the world’s health and also the world’s collective wallet.
Reducing your carbon footprint is a win for everyone.
Earn Credits From Solar Energy
Solar Renewal Energy Certificates (SRECs) are yet another way to make direct cash from renewable energy. Once solar panels are installed on your home or business, the electricity that is generated can essentially be sold for profit.
For every 1,000 kilowatt hours that is generated at your home or business, you will earn one SREC. In most states, SRECs can be sold back to the electrical company for hundreds of dollars.
So depending on your solar setup, you may not only be saving money on your bill, but you may actually profit as well.
Help Create Jobs
Solar energy employs hundreds of thousands of people across the country. As the trend towards renewable energy continues, this number is expected to increase as well.
Not only do you get to help others gain employment when you invest in solar, but everyone benefits when there is a larger employed workforce.
Installing solar panels on your home will reduce unemployment and benefit the local economy.
Better the Environment and Better Your Wallet
Renewable energy has the potential to improve your quality of life and the lives in your community. It is rare when these type of improvements also allow you to improve your financial situation. Solar power makes it possible.
Interested in adding solar energy to your home and reaping some of the rewards that come along with it? Contact us for a free consultation for your home or business. We’ll have you going green in no time!