There is no denying that in the last decade there has been a higher demand for environmentally sustainable energy solutions with a high emphasis on Solar panels. It seems that with every passing day more businesses, schools, and homeowners, are becoming increasingly energy conscious, and fro a good reason. We all know that making the move to solar panels has its environmental benefits, but what about financial benefits? Can you actually save money with solar?
4 ways solar panels will save you money.
Reduced energy costs
Traditional methods of energy production ca be quite costly. Solar energy, along with other forms of natural energy, like wind and water, however, is not. The purpose of solar panels is to harness the energy of the sun and convert it to energy.
Going solar releases you from the rising energy costs of the electricity grid. Because your solar panels put electricity back on the grid so essentially you are collecting and harnessing the power of the sun.
Last year Google launched a new initiative called Project Sunroof. Project Sunroof aims to help people find out just how valuable solar panels could be for them. Although this feature is currently available only in some areas, Google has plans to extend its reach throughout the United States within a short period of time.
Increased home value
As a home owner you would probably want to know that a study by Lawrence Berkeley National Laboratory concluded that people are very much willing to pay about $15,000 more for a home with solar panels within the property since they see the long term money saving benefits that accumulate. This is in addition the energy savings you can expect to get annually from generating your own solar energy. By affixing solar panels on to your roof, you can effectively increase the value of your home by 17%.
Selling Excess Energy Back to the Grid
Your solar or renewable energy system is primarily meant to offset your own property’s energy needs. In most states, consumers who own their own panels can sell their surplus power back to the utility company in a process known as net metering. That means a meter will track how much power is sent to the utility over a period of time, and the homeowner will receive a credit or compensation at a wholesale rate.
Using solar power comes with tax incentives. In 2008 the government created tax breaks at both federal and state levels, in order to encourage the usage of solar panels as a practical and environmentally friendly, green solution for power generation.
The federal tax credit alone is 30% of your cost. Now considering the fact that solar panel systems cost between $15,000 and $35,000 on average, that 30% tax break adds up to some impressive savings. You’ll want to take advantage of this incentive soon, however. It is currently unknown how long these tax benefits will last as the government is set to make revisions to these incentives in 2016.
To learn more about tax incentives in your area and how much you can save simply go here: Click Here