If you are considering switching to solar and making your home truly self-sufficient, you are not alone. 2020 was a record-breaking year for US solar, with the number of sun-powered homes jumping by a staggering 43% in just 12 months. More and more people are realizing that solar power is stable, affordable, reliable, and, of course, better for the environment.
What’s more, going green can save you substantial sums of money. By simply switching to sustainable energy with solar power, you could be thousands of dollars per year better off. Here’s how.
1. A Cheaper Form of Energy
It doesn’t take a genius to realize that energy from the sun is, in fact, free. Although you will still have to pay energy bills with solar panels, the amount that you actually pay will drop dramatically almost immediately. Many households save hundreds or even thousands of dollars per year on energy bills simply by opting for a renewable and truly infinite energy source – the sun.
2. Protection from Greedy Energy Companies
We have all seen stories in the past few months of greedy utilities giants gouging their customers when they need electricity the most. With solar panels, you never have to worry about being bankrupted by an energy conglomerate. You can rely on your very own private power source, provided by your in-built solar panels. Make yourself independent from the utility bosses by going solar.
3. Lucrative Tax Credits for Going Green
If you want to save money on your tax bill, buy solar panels today. As the national solar installation provider, Blue Raven Solar explains, any individual can apply for both federal and state tax credits when buying solar panels. The result is that you can have hundreds or even thousands of dollars taken directly off your next tax bill, or you can receive the cash in the form of a rebate. This is too good to pass up.
4. Sell Your Spare Solar to Make a Profit
Did you know that if you go green, you can turn it into a source of profit? Thanks to national schemes such as Net Metering, you can sell any excess energy produced by your panels directly to your local utility companies. This is one of the main financial benefits of solar energy. Any energy that is more than what you would use becomes an asset that you can quickly sell on the energy market for pure profit.
5. Increase the Re-Sale Value of Your Home
Finally, it is worth thinking about long-term financial benefits. Did you know that installing solar panels can dramatically increase the value of your home? According to studies from the US Department of Energy, homes with solar panels installed typically increase in re-sale value by around $18,000. This is far, far beyond what you will pay for installation. If you care about your home’s resale value, solar panels are a no-brainer.
Make More Informed Financial Choices
Going green will help you save money and enjoy healthier finances in the long term. For more expert insights on smart money choices, we have got you covered. Make sure to consult our expert Finance guides today to learn more.