Are you considering solar power at home? Solar at home is an essential topic of discussion right now, for a good reason. Solar panels can be a great way to reduce your environmental impact and slash your energy bills. Despite this, but have concerns over the cost of installing solar power at home and if it will pay off.
This is understandable, and it is a lot of money to invest, so read on for all you need to know.
The Cost of Installation
The cost of setting up solar power at home can be a deterrent for many. How much it costs will depend on various factors, but typically they will cost around $15,000. While this is a lot of money, keep in mind that you can use the residential federal energy tax credit to deduct 26% of the installation cost. Not only this, but there may be other incentives to further reduce costs depending on your location.
Slash or Eliminate Electricity Bill
Once you have solar power at home, you can start generating your electricity instead of using energy from the grid. It will depend on a few factors, but you may be able to eliminate your electricity bill or at least slash it so that you only have a small amount to pay each month.
Over the long term, these savings can cover the cost of installing solar power at home. It will depend on the cost of electricity, the cost of setting up solar power at home and how much green energy you can produce, but on average, it takes around eight years for the system to pay for itself. This gives you about 20 years of sustainable energy, which can transform your financial situation over the long term.
For those looking to power their off-grid home as well as protect themselves from a blackout, and those who like to travel and have a source of renewable power with them available wherever they go solar paradise has something for everyone.
Net Metering
Another reason that solar power at home is a worthwhile investment is net metering. If you generate more electricity than you use, this can then be sold back to electricity companies for a solar credit. This will lower your bill anytime you use electricity from the grid in the future, so this is another way to make savings.
Net metering policies vary by state, so it is good to read up on these when researching local solar companies.
Protect Yourself From Rising Energy Costs
The cost of setting up solar power at home can be high, but you must also look ahead to the future. Rising energy costs will occur in the coming years that could put a much greater strain on your finances. By investing in solar power now, you are safeguarding yourself from rising energy costs with the ability to produce your green energy.
Add Value
Finally, you also need to factor in that solar panel installation can add value to your home. A study revealed that solar panels could add $9,274 to a median-valued home in the US, and this is not to be sneezed at.
Solar Power at Home – A Smart Financial Investment
As you can see, solar power at home is a sensible long-term investment. While the cost of installing solar power at home can be high, it makes sense in the long term, and most homeowners will recover the costs within ten years.
Check out our other home improvement articles today for more ideas.
