In a world that is becoming increasingly more aware of the environmental impact of our daily human decisions, you’ve likely heard about the incredible benefits that come from choosing solar power. But is it the right transition for you and your home?
Lots of Options for Your Home
You may wonder if the cost of installing solar panels is worth the initial investment when compared to the long-term benefits. Every home is impacted uniquely by using solar power, and each family has varying priorities when it comes to any new purchase. Because of this, it’s essential to assess what options are best for you and your home when considering a transition to solar panels.
Time Is of the Essence
With the cost of electricity rising, there’s never been a better time to consider installing solar panels. Over the past 10 years, the cost has decreased by 70%. Not only could solar panels lower your energy bill dramatically, but they are also an option that can have an amazing impact on the environment-as solar panels replace the power needed from an energy plant with all-natural sunlight. Though the cost of the initial installment is anywhere from $15,000 to $25,000, it pays for itself over time through a reduced electric bill.
If solar panels are installed before December 31, 2022, taxpayers can claim 26% of the installation fees as a tax reduction. Though there is no refund option for this tax break, it can significantly decrease what is owed for taxes overall. It is common for each state to provide unique tax credits that could cut the cost of installation as well.
All Things Considered
When considering the installation of solar panels in your home, it is important to take a number of things into account. For example, homes in different states receive varying amounts of sunlight exposure. This will directly affect the amount of energy your solar panels will produce. States such as Arizona and California receive more sunlight exposure on average each year when compared to states in the Midwest such as Minnesota and Wisconsin.
Return on Investment
The Solar Reviews Calculator is an easy tool that gives a breakdown of how many years it will take to receive the payback for your initial investment and how much money you will be saving over a 25-year period of time, based on your location. It also provides an estimate of the Residential Renewable Energy Tax Credit in your area and any company rewards that will help pay for the installation process.
Benefits after Purchasing
Not only are there many options that can help cut the cost of installation, but after the installation of solar panels, a home’s value is increased by an average of 4%. This could result in an extra chunk of money in your pocket – whether you plan on selling your home sooner or later down the road. And unlike many other products, solar panels require minimal maintenance and perform at ample efficiency for 20 years or more on average. It is always an option to combine your traditional energy with solar power if you’re not ready to make a full transition yet.
A Bright Choice
The positives are clear when it comes to selecting solar power as your home’s new energy source. Not only is it creating a cleaner environment for the planet, but it can put a significant chunk of money in your pocket in the long term. Although the decision-making process requires planning and intentionality to ensure you’re getting the best deal for your home and location, there are plenty of tools and resources that can contribute to a smooth upgrade. There’s never been a better time to choose solar power – and even if you’re not ready to make the jump just yet, your energy bill will thank you when that time comes around.
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