As prices of electricity continue to shoot up, going solar could significantly be the best option for saving on power bills. The big question for most homeowner considering the installation of solar power has been ‘how fast can the system pay for itself?’.
For those considering making a switch over to solar energy, below are the top financial benefits for your pending decision:
Reduce bills and power costs
The most obvious solar energy financial benefit is that it can reduce your utility bills. Actually, it’s a simple equation. Any power produced through your solar panel is a power that you actually never purchased from NV Energy. In fact, when your solar panel produces more power than you’re actually using, it sends back the power into the grid where it gets redistributed to other users. And if you’re using a utility provider that supports net metering, you’ll be credited for the excess energy.
Increasing home value
Installing a solar panel can help boost your home’s value. While you may not immediately notice this benefit, you’ll get to know when you’re finally selling your home down the road. With solar gaining unrivaled popularity among homeowners, solar is a very great home improvement project that won’t only improve your home’s resale value, but also pay for itself in form of a lowered electricity bill.
Tax breaks and rebates and other great purchase options
Get money back on every purchase, or receive cash incentive to purchase a solar system. As of now, there is an available lucrative federal tax incentive that is capable of offsetting almost one-third of a solar system purchase price of a solar system via a tax credit. Additionally, there are also enticing financial and leasing options available. Now, it is totally possible to go solar even with little investment. So as long as your monthly loan payment or lease falls below your average bill, you’ll still be left with some money at the end of the month- including decades of a predictable cost of energy.
Solar energy saves two kinds of green, your money and the environment. Even though, the initial investment could be far above the ground, the long term savings for the environment and your money could swiftly trump the initial fees. As prices of electricity continue to increase, going solar could significantly be the best option for saving on power bills. The tax deduction, longevity of panels, and general savings gives solar panel an edge over the traditional energy.