Are solar panels worth it? This is a common question that we often get asked by consumers. If you are currently still undecided on switching to this alternative energy source, the following article can better help you make a well-informed decision. For further assistance, we welcome you to send your inquiries to Solar Energy Solutions of America and a specialist will get in touch with you shortly.
Solar Energy Advantages for Your Residence
There are plenty of benefits that you stand to enjoy through solar panel systems. But how can you know for sure that they are worth installing for your residence? We will explain in more detail to help you decide.
Lower Electricity Costs
The financial institution Fundera has reported that the number of regular telecommuting employees has since increased by 173 percent from the year 2005. This has caused utility bills and electricity usage to increase for many homeowners as an increasing number of people has started shifting to a work-from-home arrangement amidst the global pandemic. By installing solar panels in your residence, you can expect your energy costs to be reduced greatly, thus helping you to save on utility costs while you work remotely.
Increased Home Resale Value
You can also look forward to increasing your home’s resale value with the installation of rooftop solar panels with an average return of investment that is much higher than the majority of home improvements. According to records, solar panels can help you to boost your home selling price by at least 4.1 percent. In addition to that, a study by Lawrence Berkeley National Laboratory has also shown a home price premium lies between 0.78 to 1.05 percent per kilowatt of solar.
Homeowners can enjoy a dollar-for-dollar reduction in their federal tax liability through the Federal Solar Investment Tax Credit which offers an equivalent of 26 percent of the solar energy system cost. Homeowners can make use of the full deduction over time or once their solar energy system goes online. The remaining credits can be rolled over to the following tax year as long as the solar investment tax credit is still in effect.
Minimal Maintenance Costs
There are minimal maintenance costs involved in running solar power systems. If the system is damaged by natural events like storms and others, it will be covered by the homeowner’s insurance including repairs or replacements depending on the system’s warranty. Different solar energy systems offer varying warranty coverage. Hence, it is best to check with the manufacturer to understand clearly what you can expect.
Reduced Environmental Impact
You are able to harness the energy of the sun to supply the power that is required by your household or business without contributing to local air pollution. Most electricity is still generated through the burning of fossil fuels and gas and coal contribute to nearly 60 percent of the nation’s net sourcing. With solar panels, you get to source for your own renewable energy right at home to contribute towards a cleaner environment and a more dynamic electric grid.