Are you thinking of switching to solar? There are tons of benefits for your wallet, your family and the planet.
However, time is running out if you want to get the most bang for your buck. Here are five reasons why solar energy could save you money — especially if you act quickly.
1. Earn Tax Benefits
The tax credits you can get for switching to solar are set to expire in 2024 unless Congress acts to renew them. The more rapidly you convert, the more you can save. Systems installed in 2020 through 2022 are eligible for a 26% credit. Those who wait until 2023 can only claim 22%.
You must own the solar panel system, not rent it from a conglomerate, and locate it at your primary or secondary U.S. residence to qualify for the tax credit. You can’t install it on your vacation home in the Bahamas.
You might also be eligible for state and local tax credits, depending on where you live. These could also put hundreds of dollars back in your pocket come tax time. You can look these up in an online directory or contact your state government offices to learn more.
2. Collect Credits and Reduce Payments
Many homeowners ask how solar panels can save you money on your monthly utility bills. Some property owners reduce their electric bills to zero. How does the magic work?
When you install solar panels, they convert photons from sunlight into direct current. This energy then flows to your inverter, which translates the direct current (DC) into alternating current (AC) and sends it to your electric box to power your home.
If your home is on the grid, you have an electric meter somewhere outside that measures the electricity you use. However, your system will use the stored energy from your solar power before renting it from your provider. The less power you use from grid sources, the lower your monthly bill.
In months when you generate more power than you use, you build up credits that work to lower your bill through a process called net metering. These credits are applied to future bills to make up for months when you might use more than you produce — such as during winter. Therefore, your solar system works to lower your utility bills all year, not only during the summer heat.
You might ask whether you can reduce your monthly bills to zero. The answer is yes. If you’re accustomed to paying $200 or more a month for power, switching to solar can put some serious green back in your pocket while protecting the planet.
3. Reduce Reliance on Nonrenewable Energy Sources
Have you noticed gas prices lately? They’ve more than tripled in the last 18 months, and they don’t look like they’re going to fall anytime soon. When they go up, so does the cost of heating oil for your home, and at the risk of sounding like Ned Stark from “Game of Thrones,” winter is coming.
Switching to solar energy can save you money now and in the future by reducing your reliance on nonrenewable energy sources. The reality of climate change coupled with the natural expiration date of such resources means that sooner or later, everyone will have to make the switch or get left behind.
Scientists estimate that humankind will run out of oil by 2060 if the pumps continue running at current rates. Fracking causes a host of environmental problems, contaminating groundwater supplies that human beings rely upon to live. Why not get ahead of the curve and save money with solar today — while preparing for tomorrow?
4. Enjoy Increased Reliability
Are you hesitant to switch to solar power because you fear outages? Quite the opposite is true. While you might run out of your backup supply if you go off the grid, you have no such fears when you remain connected.
You’re probably in a better position than your neighbors if rolling blackouts or other outages strike your neighborhood. Since your home will draw on the power from your panels first, you’ll keep your lights on while everyone else goes dark.
5. Enhance Your Home’s Resale Value
Solar energy can put significant extra cash in your pocket when it comes time to sell your home. Today’s buyers look for energy-saving features as one of the topmost desirable qualities when choosing a new home. Why wouldn’t they? They also want to prepare for America’s energy future while saving money on monthly utility bills.
A recent comparative analysis by Zillow bears out this logic. Homebuyers shelled out nearly an extra $10,000 for properties with solar panels versus those without this feature. Your investment will pay for itself in increased resale price alone, let alone all the money you’ll save on tax credits and monthly utility bills.
Today’s panels offer more attractive options than ever before. The next generation of solar panels uses photovoltaic (PV) cells instead of bulky panels. These integrate with the rest of your home or roof design instead of standing out for all passersby.
Solar shingles combine thin PV cells with molecules on a flexible copper/indium/gallium diselenide base. Today’s versions are three times more powerful than the first generation, allowing you to generate even more power. They integrate flush with concrete/asphalt shingles, creating a uniform look for your roof.
While not yet readily available, manufacturers are now investigating solar window technology. Once perfected, these panes will take advantage of the sun’s rays to generate electricity without changing the exterior appearance of your building.
If you’re still unsure about converting to full solar, why not investigate portable panels? This option also offers promise to renters who want to reduce their monthly energy costs without discussing extensive remodels with their landlords.
Solar Energy Could Save You Money
There’s never been a better time to invest in a greener future for your home. Solar energy could save you significant money — why not convert today?