If you haven’t heard of solar power before, it’s the conversion of sunlight energy into electricity that can be used to power buildings and cities. This process happens through the solar panels that are installed to absorb sunlight in the day and convert it to electrical power. Nowadays, an increasing number of homeowners are switching to solar power and making long-term investments to contribute to saving the planet. Luckily, the benefits of installing solar panels go beyond receiving a pure, uninterrupted power flow through your home.
You’re not just saving the planet by switching to a solar energy storage system, but also saving a lot of money and adding value to your house or property. In addition to many other financial benefits that you get to enjoy when you switch to solar power.
Solar power users find great value in using power from their solar panels as these systems live a lot longer than expected. It’s important to find out how long your system is going to last before investing in one. Usually, solar power systems last about 25 to 20 years. However, your system can run for a lot longer depending on its degradation date. For example, solar panels have an average degradation rate of 0.5% per year. This means that if your system maintains this rate of degradation each year, it will be able to operate at a capacity of around 88% after your 25-year warranty ends. This also means that you save money on your system by having it run at an acceptable capacity even after its expected life. Research about quality solar panels for your home or seek advice from pro solar installer.
Lowering Bills and Power Costs
One of the best benefits of having a solar system installed in your home is saving money on utility bills since your system allows you to power your house without relying on the electricity coming from the grid. Solar power systems provide you with monthly savings by decreasing your electrical bills through net metering. Net metering is a billing process or system where solar power users are credited for their contribution to saving grid electricity. You can use a solar panel cost calculator tool to estimate your monthly savings if you don’t know how much money your system is going to save you.
However, what you need to understand is that your system produces power during daylight which causes a surplus of energy that is returned to the power grid. This is why your monthly bills will be significantly reduced as you almost use none of the power provided from the grid.
You receive many tax benefits when you install solar panels at your home. If you’re worried about the installation costs of your solar system, it will be helpful to know that solar power users receive something called the investment tax credit or the ITC which is also referred to in some regions as the federal solar tax credit. The ITC deducts 25% of your installation fees in the form of deductions from your federal taxes. This saves you a lot of money by minimizing the upfront costs of your system, not to mention many other tax incentives that you can qualify for depending on your location.
Increasing Property Value
You can increase your home’s worth by installing a solar power system on your property and achieving successful yearly deductions on utility bills. Homebuyers consider solar systems an upgrade to any property, a little similar to how they would view a house with an updated kitchen. On average, a house with a solar system installed would have a higher market value of about 20 dollars for every one dollar deducted from the yearly electrical bills. This means that you can increase your home’s value by around 15 to 20 thousand dollars just by installing solar panels on your roof.
Even if you can’t afford to install a solar energy system in your home, you can go for a few other cheap options that can help you reach the same goal. For instance, community solar is an alternative that can help you power your home with solar power without paying for installation. This works by having a third-party organization install several solar panels in a specific area to provide solar power to the power grid which then distributes it to the community. To receive this solar power provided from the grid, you only need to subscribe to the service by contacting your utility company.
A solar energy system is a huge investment for your home no matter how expensive you may think the installation costs are. Users believe these systems are worth their money due to the monthly savings they receive on their utility bills, it’s almost like not paying for electricity at all. They also enjoy numerous benefits such as relying on an interrupted energy form and receiving many tax benefits that credit these users for their contribution to saving the planet.