A growing number of homeowners are installing residential solar panels. According to Statista, the U.S. market for residential solar PV had a predicted value of about $4.7 billion by 2016, and numbers have only increased since then. People are drawn to solar power for many reasons, but one of the most appealing factors is the potential savings. Here’s how you can cut costs with solar energy.
Solar Panel Systems Reduce Your Need for Electricity
Having solar panels allows you to dramatically cut your electricity usage. Since your home will mostly be using solar energy, you’ll spend less on your electric bills. You can expect to see significant savings every month, and these savings will add up over time.
Utilities are a big expense, and many households are struggling to manage electricity costs. After you invest in solar panels, you can enjoy long-term savings. Instead of paying for electricity each month, you can invest in residential solar panels that will provide the power you need.
Tax Credits Are Available
The federal government offers tax credits for solar panels, and some states have tax credits and rebates as well. These credits are an excellent way to lower your tax bill and recoup some of the money that you’ve spent on solar panels. Tax credits reduce the amount of income tax you owe and could potentially lead to a larger tax return.
According to Energy.gov, homeowners who install solar panels are currently eligible for a 30% tax credit. Any homeowner who installs solar panels before December 31, 2034 is eligible for this tax credit. Now is an ideal time to install solar panels and take full advantage of these saving opportunities.
Solar Panels Boost Your Home’s Value
There’s a lot of demand for solar power, and homes that have panels installed typically sell for a much higher price. Even if you don’t plan on selling your house in the near future, installing solar panels could be a way for you to build equity. Your home is a significant investment, and if you improve it by adding solar power, you’ll be able to capitalize on that investment and boost your house’s worth.
Installing residential solar panels could save you money in several ways. You can increase your savings even more by finding other ways to cut electricity costs, like shifting your usage to the strongest solar hours. Buying solar panels is an investment that will pay off. Contact Suntegrity Solar today to learn more about solar PV.