How Will Investing in Solar Panels Decreases Utility Bills Impact Your Finances?
Solar Panels Decreases Utility Bills: Are you overwhelmed by the utility bills that keep adding up every month? Does your heating bill cost more than your car payment during the winter months? If you answered yes to either of these questions, you are not alone. Many people are struggling to make ends meet and utility bills are consistently on the rise. So, what can you do as a homeowner to make energy and power more affordable?
You have probably heard that installing solar panels on the roof of your home is a costly endeavor and one that is hard to afford. For homeowners to install a complete solar energy system in their home, a budget between $10,000 and $18,000 is typically recommended. This sounds like a hefty sum to put into your home without knowing the guaranteed return on your investment, but it is something that will save you money on utility bills, help the environment by reducing your carbon footprint, and add value to your home. You may also be eligible for a tax credit which is always a good thing. So, how will investing in solar panels impact your finances for the long haul?
1. Purchasing the equipment.
You may wonder how much it costs to maintain solar panels once they are installed. The good news is that the maintenance is relatively minimal. The biggest cost that comes from owning solar panels is up front before the installation takes place. The inverter, metering equipment, battery storage, solar panels, and other components can add up to be a significant expense. You also need to factor in the expense of the labor costs for installation. Once the solar panel system is installed, you own the equipment. Think of it as an investment in your future.
2. Solar Tax Credit.
Many homeowners are on the fence about having solar panels installed, even though it is a well known fact that doing so can save you money over time, is more efficient than a typical HVAC system, and it can help to reduce utility bills. What makes homeowners take the plunge and invest in a solar panel system is oftentimes the generous tax credit that is awarded by the federal government. The tax credit can be upwards of 30% of the solar panel system’s cost. This tax credit makes the purchase well worth it and will often cut the cost down by a significant amount. To determine the exact tax credit amount, it is best to consult a tax expert or look up your state’s tax credit information.
3. Decrease in monthly utility bills.
One of the biggest reasons that homeowners are investing in solar panels is to save money on their utility bills. The savings can be substantial for some residences while meager for others. The amount of savings is determined by the size of your home, the amount of solar panels you have installed, and the amount of energy that your home is using on a regular basis. When you take advantage of net metering, you can earn credits to use towards your energy bill. This is another way in which you can save money. Some months, you may barely have a utility bill at all.
4. Increased Home Value.
Did you know that by installing solar panels onto your home, you are increasing the overall value of your property? One of the most sought after commodities when buying a home is whether or not it has solar panels. Many home buyers are interested in owning a home with a solar panel system because it saves money and adds value to the home.
5. Solar Stocks
Have you heard that solar panel systems are going to be an investment that people all over the world are going to participate in? Solar power is going to grow significantly over time which is why investors have begun to put significant amounts of money towards solar stocks. It is important to note that investing in solar stocks is something that is going to take time to provide rewards as it does not happen overnight.
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Last update on 2021-07-30 at 02:13 PST - Details
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Last update on 2021-07-30 at 12:43 PST - Details
Home owners are finding that the latest trend in home ownership includes the installation of solar panels to help generate energy for one’s property. Investing in solar panels is a lucrative endeavor and one that is responsible. Solar panels will help to decrease utility bills while improving the overall outlook of the environment for generations to come. Whether you invest in a solar panel system that can yield up to a 30% tax credit, or you are interested in investing in solar stocks, solar energy is a way to make and save money over time.