Do you want to feel good about helping the environment and your community? Do you want to save money by using solar energy that you generate yourself? If so, you might be thinking about installing solar panels on your home’s rooftop.
There are numerous benefits to going solar, both for your wallet and for the planet. In fact, more Americans are choosing to power their homes with reliable solar energy each year.
Want to learn more about going solar? Then follow along as we provide you with all the current information you need to know.
Reduce Energy Costs
Utilizing solar energy is a great way to reduce energy costs in your home or business. Solar panels convert the sun’s energy into electricity and can be installed on rooftops or yards. They can reduce electricity bills by supplementing the power that you need from the grid.
Once installed, they can pay for themselves within five years thanks to the reduced energy costs. They also last up to 25 years while emitting no noise and requiring very little maintenance.
Tax Credits and Incentives
Solar tax credits and incentives are government-sponsored incentives that encourage individuals to install solar power systems on their buildings. The credits help to lower the out-of-pocket expenses associated with these systems. Here are some of the incentives you’ll enjoy.
Solar Renewable Energy Credits (SREC)
SREC is a program that provides an avenue for a homeowner to monetize their solar energy production. This can provide long-term financial incentives for individual owners in many states. These programs offer credits for electricity produced from solar PV systems.
An SREC is a tradable certificate that is generated each time a PV system produces at least 1,000 kilowatt-hours (Kwh) of electricity. It can then be bought and sold in the SREC market.
Investment Tax Credit (ITC)
The Investment Tax Credit is one of many solar tax credits and incentives available. It is a federal tax credit that allows solar energy systems to offset up to 30% of the solar panel installation cost.
The biggest benefit of the ITC is that investment in solar is immediately rewarded with a tax break in the same year. This allows solar energy adopters to recover their investments.
Sales Tax Exemptions
Sales tax exemptions allow customers to purchase solar equipment that is exempt from the state sales tax. This provides immediate savings to the customer.
It is important to note that some states have very limited sales tax exemptions and others have specific requirements to qualify. It is important to research your state’s solar tax credit and incentive programs in order to take advantage of what is available.
Property Tax Abatements
Abatements could take the form of a one-time grant, a long-term tax exemption, or a tax credit. Some jurisdictions provide a fixed amount of the grant based on the aggregate solar energy system’s installation cost.
Other jurisdictions may provide a variable grant based on the amount of solar energy produced. Cities and states all have established property tax abatements for solar energy. Some abatements are in the form of sales and use tax exemptions covering the purchase and installation of solar equipment.
Property tax abatements are attractive to homeowners and businesses looking to go solar. They offset some of the upfront costs associated with the purchase of a solar energy system.
Economic Development Incentive Program (EDIP)
EDIP offers businesses a variety of solar investment tax credits and renewable energy tax credits. These credits are typically given for a period of five years. The amount varies based on the type of solar investment and other factors.
It also offers property tax exemptions and reduced energy rates. This allows businesses to benefit even further from their solar investments.
Harness the Power of Net Metering
Net Metering is an agreement between utility companies and consumers who use solar energy to cover some of their energy needs. This type of program allows a customer’s solar panels to generate electricity directly from the utility’s grid. The excess is sent back to the grid and the customer receives a credit for the excess energy generated.
This reduces the customer’s electricity bills. It also saves the utility company money as they don’t have to purchase as much energy to meet demand.
Additionally, Net Metering creates job opportunities and offers greater energy security. Customers can store excess energy for use during peak or emergency periods.
Positive Environmental Impact
Solar panels can have a remarkably positive effect on the environment. They provide a clean, sustainable energy source. They reduce the number of fossil fuels burnt and the greenhouse gas emissions released into the atmosphere.
Additionally, solar panels displace electricity generated from highly polluting sources such as coal. It can also save significant amounts of water. This is due to the fact that traditional power sources typically require access to a large body of water for cooling.
Lastly, solar panels can be installed in many places that other energy sources may not be able to reach. With these benefits, it’s no wonder that more and more individuals and businesses are making the switch to solar energy.
Increases Home Value
A home equipped with solar panels sells for more money than a comparable home without solar power. Installing solar panels has been found to raise the value of homes. This is because buyers are interested in the cost savings they can get from utilizing the renewable energy source.
Homeowners who install solar panels on their homes may find themselves in a position to command a greater sales price for the house when it comes time to sell. With all these great benefits, it’s no wonder solar panels are such a popular choice for homeowners.
If you are planning to install solar panels, check out Blue Raven Solar. They can help you make the most of your solar panels.
Experience the Value Benefits of Installing Solar Panels
Installing solar panels in your home offers many benefits, from reducing carbon emissions to halting rising energy costs. With the recent availability of home solar energy systems, now is the perfect time to take advantage of these benefits. Contact a local solar energy specialist today to learn more and start making a positive environmental and financial impact.
Looking for more ways to improve your home? Browse the latest ideas and concepts in real estate and home improvement.
