How Can Solar Panels Save Me Money?

While solar panels used to be a niche product a few decades ago, they've moved steadily into the mainstream. The reason for this is twofold. First, newer technologies have allowed for solar panel installations that can blend seamlessly and with existing homes, and even resemble traditional asphalt and slate roofs.

The second reason is the cost. There's no doubt that one of the main reasons people opt for solar panel installation on the roof is because of the enormous cost savings that come along with it, but how exactly do solar panels save you money? The answer may surprise you.

Lower Energy Bills

Though the price of a solar panel installation may be higher than a typical residential roof, it pays for itself very quickly by nearly eliminating your energy costs, especially if you live in an area that is particularly sunny. Since solar panels absorb energy from the sun to provide the energy for your home, the only real cost is in maintaining the system that converts that energy. Another factor to consider is the volatile nature of literacy rates. Most homeowners are at the mercy of their local energy company; as the rates increase, so do your bills. For the last 10 years, electricity rates have increased by more than 2% year-over-year, which will only go up more in the future.

More Tax Breaks

Every April, many homeowners shudder with fear as they compile their tax forms. One of the main benefits to homes that have a solar panel installation on top is a significant tax break that occurs almost as soon as you buy your solar panels. Among those tax breaks is the solar investment tax credit, or ITC, which can return up to 26% of your investment back to you almost instantaneously. Unfortunately, this tax break diminishes every year, so the sooner you can get your solar panel installation performed, the better.

Higher Resale Value

Everything else remaining equal, if you had the opportunity to buy a home that had a traditional electrical system that would cost you money every month or a solar panel installation that provides major energy virtually free, which one would you choose? A solar panel installation can net you an additional $15,000 on the resale value of your home, assuming that you own the solar panel installation outright and are not leasing it from a third party company. In order to get the most bang for your buck, you have to make your home as appealing as possible, and that includes a solar panel installation. Contact a solar panel installation service for more information.