Did you know that solar energy is the fastest-growing electricity source in the United States?
Solar panel installation is not only good for the environment but also for your finances. You can save thousands of dollars over time with solar panel installation. Plus, you’ll be doing something great for the planet!
Keep reading to find out more about the financial benefits of solar panel installation.
Are the Financial Benefits of Solar Panels Significant?
The financial benefits of solar panel installation vary from state to state and country to country, but they can add up to thousands in savings over time. Here are some of our favorite benefits:
- Save Money by Reducing Energy Costs
If you’re thinking about installing solar panels, it’s likely because you want to save money on your electricity bill every month. When you install solar panels on your roof, most of the energy that they produce goes to the household rather than sent back to the grid.
That means you pull less electricity from the grid, which is why your monthly energy bill goes down.
- Get a Tax Credit
Did you know that many financial benefits of solar panel installation are tax-deductible? If you qualify for federal income tax credits, installing solar panels on your roof can save you money at tax time.
Some homeowners can deduct 30% of the cost of purchasing and installing solar panels from their taxable income.
- Earn Money from Selling Excess Electricity Back to the Grid
When you install solar panels, you become a member of your local power grid. If your solar array can produce more energy than you need, you can sell the excess electricity to your utility company.
When you sell energy back to the grid, you can make money on each kilowatt-hour of solar power you produce and send to the grid.
- Help Reduce Pollution and Combat Climate Change
Solar panels don’t emit greenhouse gases or other pollutants, which makes the financial benefits of solar panel installation feel even better. When you use energy from a renewable source like solar, you’re helping to reduce environmental degradation and combat climate change.
The financial benefits of solar panel installation might make you feel so good that you’ll want to install more panels to lower your carbon footprint even more.
- You Can Save Thousands of Dollars Over Time
If you’re considering the financial benefits of solar installation, then you probably know that the financial payback period for a solar system can be as short as seven years.
Not only can you save money with your monthly energy bills after the financial benefits of solar panel installation are clear, but you’ll also benefit from the financial flexibility of having a new source of energy.
This makes financial incentives like rebates and tax credits a good financial decision since they help offset the cost of purchasing and installing solar panels.
Get Started With Renewable Energy Today
Now you have 5 more reasons to install solar panels today. The financial benefits of solar have the potential to save you a lot of money in the future while protecting the environment.
If you want to learn more about solar panels, be sure to check out the Energy section of our blog!