In terms of the Paris Agreement, the United States has committed to reducing the national carbon footprint by 50% before 2030. As such, the US federal government is 100% behind sustainable energy generation like solar power.
However, meeting the federal government’s wishes isn’t a good enough reason for most homeowners to undergo an expensive investment in solar energy.
Keep reading to discover the real reasons you should make the switch to renewable energy as soon as possible.
Save Money on Your Energy Bill
When you install solar, you can choose between four main alternatives. You can opt for a solar lease, a PPA, an on-grid, or an off-grid installation.
If you go off the grid, you’ll never see another electricity bill, and this saving means your solar panels will pay for themselves within the next ten years, depending on the terms of your solar loan.
An on-grid installation means you can still use energy from the power companies when needed.
You can also feed any excess electricity generated by your panels back into the grid. In return, the power company will grant you a credit on your electricity bill.
With a PPA, you give all the power generated by your panels to the power company in exchange for huge discounts on the electricity you buy back from them.
Take Advantage of Tax Incentives
According to Blue Raven, the cost of installing solar has declined by 11% in the last five years. It’s still a costly endeavor, though, with the average price of an installation at around $18,500.
Fortunately, you can save on these costs by taking advantage of the federal ITC. This initiative allows you to deduct up to 25% of the cost of your solar installation from your income tax return for 2022.
This benefit decreases to 22% in 2023 and disappears in 2024. So, now is the best time to get on board with solar.
Many states and power companies also offer extra incentives when you convert to renewable energy. These include sales tax exemptions, property tax exemptions, and SRECs.
Increase Your Home’s Value
When you install solar panels, the value of your home goes up proportionately. That’s because solar panels are a tangible asset.
Once you’ve paid them off, you own something of value. When you pay your electricity bill, you have nothing to show for it.
Thanks to widespread property tax incentives, you won’t pay the additional property tax that comes with increased property value.
Solar Energy Can Save Us All
If we don’t reduce carbon emissions significantly within the next decade, climate change will start to have devastating effects across the globe.
Changing weather patterns and extreme weather events will wipe out agriculture, disrupt nature, and bring an end to our time on Earth. We must work together to reduce carbon emissions as fast as possible. If you want to know more about this from the people who know what they are talking about, it’s a good idea to do some research. Look into companies such as Energy Innovation Capital, and learn as much as you can to help you on your journey.
Smooth Your Solar Journey
The best way to enjoy the full benefit of solar energy is to work with a reputable and well-established solar installer. These experts can help make your transition to alternate energy as seamless and cost-effective as possible.
Do you consider yourself a savvy shopper who likes to make informed purchase decisions? Browse our blog for more about the pros and cons associated with a huge range of topics.
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