More and more homeowners are going solar. There are good ― we’d go so far as to say great ― reasons for this. Using solar energy to power your home is advantageous in many ways, from the opportunity to save money on your energy bills* to helping the planet. So, what are the benefits of solar energy for homeowners? Let’s talk about the top six.
1. Reduce your monthly electric bill*
Using solar energy at home could lower your monthly electric bills, depending on your individual energy consumption.* This is a major motivating factor for some people to go solar.
Residential electricity rates have been on the rise in recent years. (1) In addition, temperatures are getting hotter due to climate change. (2) Specifically, the Earth’s temperature has risen about 1.2 degrees Celsius since the pre-industrial era. (3) This combination has resulted in electric bills that are among the highest we’ve ever seen in the U.S. (4) Plus, the costs of traditional forms of energy like electricity can fluctuate due to changes in fuel prices.
When you go solar, you can choose to use your solar panel system or electricity from the power grid during the day. And if you add a solar battery backup system, you could power parts of your home at night, as well.** In this way, you gain more control over your energy expenses than you would if you relied on electricity alone.
2. Claim tax credits
Homeowners with an eligible solar panel system can claim a tax credit worth 30% the cost of their system, thanks to the federal solar tax credit.1 Also known as the Investment Tax Credit, this generous credit is applied to your federal taxes. Solar battery backups are included in the legislation. This credit is available to homeowners in every state, as long as your system is eligible.
Depending on where you live, you might be able to get tax credits on the state or local level, too2. The best way to figure out whether any of these tax credits are available to you is to speak with a professional.
3. Take advantage of solar incentives
There are even more ways to save on the cost of going solar. A number of solar incentives sweeten the deal. Keep in mind that your ability to get these incentives will depend largely on where you live.
You might be eligible for some or all of the following solar incentives:
- Property tax exemptions ― Getting a solar panel system installed can increase your home’s property value, but property tax exemptions can protect you from assessments on your solar energy system that might drive up your property taxes.
- Solar sales tax exemptions ― Some states give homeowners who go solar a break on the sales tax of the solar panels and other equipment they purchase.
- Solar panel rebates ― Utility providers in certain states offer rebates to homeowners who get a solar energy system installed. They can use these rebates to help with the cost of going solar.
- Solar Renewable Energy Certificates (SREC) ― Available in many states, SRECs can shorten the time it takes homeowners to pay off the cost of their solar installation. This program gives each homeowner a certain number of SRECs for every 1,000 kWh of solar energy their system produces.
- Net metering ― Some utility providers offer residential customers with solar the option to “sell” the excess energy their system generates in exchange for a credit on future electric bills3.
4. Enjoy more energy independence
The strain on electric power grids nationwide is getting worse as the demand for electricity intensifies. Coupled with increasingly severe weather events like storms and wildfires, the grid has been pushed to the brink. And with this strained capacity comes a rise in power outages. (5)
By adding a solar battery backup to your solar panel system, you’ll give yourself the option to use solar energy during power outages. A solar panel battery stores the surplus energy produced by your system for use at a later time. You’ll still be tied to the grid, but you won’t be fully dependent on it.
5. Increase the property value of your home
Want to know a great way to possibly raise your home’s property value, without doing renovations? Going solar!
The exact numbers vary from property to property, but research shows solar helps homeowners fetch a higher asking price. A Rocket Homes survey found that homes for sale with solar spend 13.3% less time on the market and are 24.7% more likely to sell over asking price. (6)
Keep in mind that any value increase on the property value of your home will depend on factors like your local housing market. You can get more details about these factors from a Solar Energy Specialist.
6. Help save the planet
You can reduce your carbon footprint without leaving home. Unlike fossil fuels, the production of solar energy doesn’t emit harmful greenhouse gases. (7) This is significant, as greenhouse gases cause air and water pollution. When you reduce pollution, you’re contributing to better air and water quality that leads to better health and quality of life.
And when you use less electricity, you ease the demand on nonrenewable energy sources like fossil fuels. These sources are getting depleted at a rapid rate. (8)
Find out how you can go solar
There you have it! Those are the top 6 benefits of solar energy for homeowners. Pretty intriguing, right? Regardless of what motivates you, there’s at least one good reason for every homeowner to consider a solar panel system.
Or, if you prefer to speak with a Solar Energy Specialist first, they would be happy to answer your questions about going solar. They’ll be your guide to figuring out whether solar energy is right for your family. All you need to do to get started is give us a call at (866) 450-1012.
*Savings vary depending on your energy consumption, system cost, home location and characteristics, and your utility’s policies.