Solar-powered homes are becoming increasingly popular due to the amazing economic and environmental advantages. If you’re considering switching to solar power, understand the primary reasons going solar is an excellent option for you, your family, and your home.
Here are 6 key benefits of creating a solar-powered home:
1. Saves Money Monthly
Solar-powered homes use a billing process called net metering. Net metering credits solar power system owners for electricity contributed to the power grid. Essentially, excess electricity generated is delivered to the power grid, and you receive solar credits on your electric bill as payment for the supplied energy… So, you’re still saving money.
Credits earned are subtracted from your total expenses to significantly lower your monthly bill. The more electricity you add, the more credits you earn to save you anywhere between $10,000 and $30,000 over your solar power system’s lifetime.
2. Earns Tax Incentives
Solar power systems are expensive investments. An average homeowner requires 28 to 34 solar panels to cover their home’s entire energy usage, costing anywhere between $10,000 and $40,000 for equipment and installation.
Numerous tax incentives are available for reducing the initial costs. Primarily, the Investment Tax Credit allows solar power system owners to deduct 26% of the installation costs from federal taxes. Other incentives and rebates exist depending on your location. For example, the NY State Solar Energy System Equipment Tax Credit allows New York residents to deduct an additional 25% or $5,000 from taxes for purchased solar power systems.
3. Increases Property Value
Solar power systems are viewed as valuable upgrades, meaning home buyers are prepared to pay premium amounts of almost $15,000 for homes featuring pre-installed systems. Generally, solar power systems increase a home’s value by $20 for every $1 reduction in yearly utility bills. For example, if you save $400 per year on utility expenses, your home’s value increases by $8,000.
Solar power systems are excellent home additions offering long-lasting financial value.
4. Receives Long-Term Value
Solar power systems provide long-term value for homeowners. Average solar panels possess a guaranteed lifespan of 25 to 30 years and feature a 0.5% yearly degradation rate.
Additionally, properly maintained solar panels operate at 80% of the original capacity after the 25-year warranty. Lengthen your investment’s lifetime by performing regular maintenance, including removing dirt, leaves, and other debris to prevent obstructions and damage.
5. Improves Your Environment
Traditional forms of electricity, specifically fossil fuels, emit carbon dioxide and other harmful gases during production. Also, fossil fuels, such as coal and natural gas, are finite resources, meaning the supply continually diminishes until it eventually runs out.
Solar power offers a cleaner and greener alternative to fossil fuels. Environmental benefits of solar power include:
● Limiting pollution to improve air quality and public health
● Reducing your home’s carbon footprint
● Offering a renewable energy source to decrease reliance on fossil fuels
● Slowing global warming and climate change by avoiding greenhouse gas emissions
Drastically improve the environment by creating a solar-powered home.
6. Stimulates the Economy
Solar power stimulates the economy by creating needed jobs. Solar power has created over 250,000 job opportunities, and the number is expected to steadily increase. In fact, solar power employs 4 times as many Americans as the coal industry.
Additionally, solar power assists struggling landowners and farmers by granting them the opportunity to participate in creating renewable energy to earn additional income.
Creating a Solar-Powered Home
Reap the amazing benefits of solar power by creating a solar-powered home. Access solar power by installing a residential solar power system or joining a community solar project.
Community solar involves a third party, typically a utility company, government organization, or private business, installing numerous solar panels in a certain area. Energy created is delivered to the power grid and distributed by the utility company to homes and businesses. Members of the community are offered the opportunity to lease energy from the solar farm by simply subscribing to the service.
Community solar provides additional benefits, including a guaranteed 10% discount on energy expenses, bypassing expensive installation costs and maintenance fees, and increased accessibility for renters and homeowners. Discover a NY community solar project near you to instantly earn the advantages of solar power.
Create a solar-powered home to receive the 6 economic and environmental benefits of solar power.