5 Reasons Why a Rooftop Solar System Is Not as Expensive as You Think
All sane homeowners will choose clean energy to power their houses. For the longest time, though, solar panels were not considered economically viable.
Thanks to advanced technology and environmentally responsible regulation, the status quo is now different. Reputable solar energy companies in Boise, San Diego, Houston, and any major city attest that more and more Americans are becoming compelling to go solar.
If truth be told, buying solar panels can still be a costly proposition. But it has proven to be financially sensible over time. Below are five reasons why a rooftop solar system is a safe investment.
1. You Can Reduce Your Electric Bill Significantly
Let us begin with the most obvious benefit of solar panels: utility savings. When strategically installed, these devices catch the sun and covert their energy into electricity.
Regardless of how many sunny days you normally experience in your area, you can harness a considerable amount of free energy from Nature to offset your usual electric usage.
Having the ability to produce your electricity can also protect you from possible energy price hikes in the future.
2. You Can Get Incentivized for the Excess Energy You Produce
If you generate more solar energy than you can consume, your surplus output can be sent to the grid to be used by your neighbors. Your utility company then will reduce the electricity you contribute to your bill.
This billing mechanism is called net metering. As its name suggests, you will only be charged for your net electric consumption, which is calculated by subtracting your excess solar output to your gross usage.
Net metering rules may vary from location to location, so ask a solar energy company about it before making a purchase.
3. You Can Find a Solar Loan More Easily These Days
Rooftop solar systems are considered assets, for they generate savings. Many financial institutions find the solar industry profitable consider its staggering growth over the past couple of years. It is no longer difficult to find a lender who is willing to loan you money to pull the trigger on your rooftop solar system investment.
The best part is that you can choose from numerous unsecured and secured loans to get the funds you need while eliminating your out-of-pocket expenses. If you have excellent credentials, you can even qualify for a low-interest rate.
4. You Can Get a Tax Credit
With the investment tax credit, you can deduct a portion of your solar panel installation cost from your federal taxes. Although this program is available to residential customers until 2021, it is better to buy solar panels soonest because this tax credit diminishes every year.
It stands at 30% in 2019, but it decreases to 26% and 22% in 2020 and 2021 respectively.
5. You Can Recoup Most of Your Expense at Resale
According to the researchers at Lawrence Berkeley National Laboratory, solar-powered properties get sold for 3.74% more than comparable non-solar houses. On average, solar panels increase home value by $14,329.
But even if you do not sell your house in the future, you can still get maximum financial benefits from a rooftop solar system. It is estimated to generate a return of twice or even thrice of its initial cost over its entire service life.
Investing in a rooftops solar system has never been more rewarding. Talk to a solar energy company to learn about how you can make the most out of solar panels with your house.