The residential market for solar panels in the United States was valued at 4.7 billion in 2016, and that number has only been growing as more and more homeowners seek solar panel installation for their homes. A few reasons for this boom include the fact that solar energy is both eco-friendly and cost-effective, making it attractive to environmentally conscious homeowners and those looking to reduce costs. Additionally, an off grid energy storage company may even offer solar financing so you won’t have to pay for panels upfront. If you’re interested in learning more, here are some of the benefits you should consider.
1. Reducing Energy Costs
On sunny days solar panels can generate enough power for an entire house, sometimes more than can be consumed. If you have the appropriate system, some of this energy can be stored in solar batteries or otherwise sold back to the grid in a process known as net metering. On days cloudy days, you can still benefit from a grid connection; however, you can expect your general consumption to drop considerably saving you from high energy bills.
2. Tax Credits
When you work with an off grid energy storage company to install residential solar panels you can also take advantage of a federal income tax credit. This credit can garner you 30% of the total cost when you claim in. This means if you invest in a $25,000 dollar solar system you’d receive $7,500 back when claiming this credit. This can also be combined with other local rebates which could end up cutting the final cost in half. Solar Renewable Energy Credits can be generated throughout the year and then sold to utility companies for profit. It’s almost as if your solar panels are paying you!
Furthermore, an off grid energy storage company may offer no-cost installation and feature specialized financing plans so that you can pay off your system over time. This is a good option for homeowners who want a no money down option but still want to reap the benefits of having solar power. In some instances, any Solar Renewable Energy Credits generated during this time are collected by the installation company; however, once the system is paid off the profits are all yours.
3. Start Saving Sooner
The annual cost for energy can be in the thousands of dollars, with the average being around $3,052. Solar panels can help you start saving from day one. This, coupled with the long term savings can cut your home’s general energy consumption from the grid down to almost nothing.
Additionally, solar panels can also boost the resale value of your home, and make it more appealing to potential buyers. If you decide to sell your home in the future, buyers will be attracted to the cost efficiency and the savings, making it easier for you to sell quicker and for a higher price. Typically homeowners can see around a $5,911 resale increase per kilowatt of solar energy generation. This means that if your solar system generates 3.1 kilowatts you could expect a boost of around $18,000!
While this one might be obvious, it’s also worth noting. Solar energy doesn’t generate any greenhouse gases and it isn’t dependent on non-renewable sources, such as fossil fuels. Because standard electricity is normally generated by coal and natural gas, cutting down on your home’s consumption can drastically reduce your individual carbon footprint. Solar energy also isn’t a pollutant, in fact, it is as clean as it comes! This means your home won’t be contributing to air, water, and soil pollution via your energy consumption, and can instead be an example of the future.
While there are a couple of additional benefits, these are the most impactful and the reason why so many people have made the switch. If solar energy seems like something you’d like for your home, reach out to an off grid energy storage company and talk about your options. You’ll be amazed at what solar panels can do for you.