Solar panels provide an excellent source of renewable energy that positively impacts both property owners and the environment. There are so many reasons to go solar – we could go on for days – but we understand that sometimes it helps to see all the benefits in black and white. We’re here to help you determine if installation is the right move for your situation and your home. Whether your motivation is to cut costs or reduce your carbon footprint, here are 5 reasons to go solar that can positively impact you and your bottom line.
Solar Panels Increase Property Values
Solar panel installation improves property values and boosts overall appeal. According to the American Association of Appraisers, homes and buildings with rooftop solar have a higher market value and resale value than those without. Many studies point to increased home value, as well as speed of sale – sometimes up to 20% faster than homes without solar or other energy-efficient upgrades. Solar panels also protect your roof from damage and wear-and-tear caused by the elements. It makes perfect sense that buyers will pay a premium for a home with solar panels, especially in California and other sunny states.
Reduced Energy Costs
Going solar dramatically decreases utility bills. Electricity costs can be daunting—but the energy produced by solar panels offsets electrical usage right at the source. Depending on your roof layout and energy habits, solar might even eliminate your entire electric bill (outside of basic utility account fees). The money saved makes a significant impact on your monthly budget that can be seen as soon as solar panel installation is fully functional. Solar panels generate power year-round, even when the weather is cold, so you’ll see the benefits every day.
Going Solar Helps Avoid Rising Utility Rates
Another huge advantage associated with solar power is stability. The cost of electricity has blown up in recent years, and utility rate increase requests are more frequent and more egregious than ever, with some areas seeing costs surge more than 70 percent over the last decade. Your local utility probably already changed your rates as of the start of 2023! Once you’ve installed solar panels, you will no longer be subject to the impact of inflation on your energy costs because of locking in your Net Metering Agreement at the time you start. It’s never too late to go solar, because otherwise you’re just paying a rent check to the power company for life.
The federal government offers a tax incentive that compounds the savings mentioned above. The Federal Tax Credit for Residential Solar Energy programs incentivizes the installation of a solar photovoltaic (PV) system between 2022 and 2032 with an Investment Tax Credit (ITC) of up to 30% of its total cost. That often comes out to thousands of dollars for most homeowners. This credit will decrease to 26% for PV systems installed in 2033, and to 22% for those installed in 2034. This credit will expire in 2035 unless Congress renews it.
Reduced Carbon Footprint
We saved the best for last – good old Mother Earth! Who knew you could save the planet from the comfort of your couch? Solar energy use benefits the environment in a variety of incredible ways. This clean, renewable source is the most abundant source of energy on Earth—without any of the damage that fossil fuel causes. Once installed, solar energy generates no carbon emissions or greenhouse gases, and consumes no natural resources. It’s the most powerful and efficient way to help the planet and reduce your carbon footprint.
The environmental benefits, coupled with the return on investment provided by solar panels, make them an efficient and effective way to save money while helping build a more sustainable society for our future generations.
To get in touch with Energy Service Partners and begin your journey of going solar, contact us on our Support page.