Homeowners Can Save Money With Solar Energy
Saving Money with Solar Homes
While putting a solar energy system on your home may seem like a large up-front investment, there are numerous residential solar energy incentive programs and financial benefits that provide you a return on your solar energy investment.
Reduce Electricity Costs
Your solar energy system will help to cut your home electricity costs. If your solar energy system produces more power than you house consumes, then you can sell the power to the utility company if they have a net metering policy. This means that you could have a negative electricity bill.
Stabilize the Cost of Electricity
While utility retail energy rates continue to rise, homes that powered by solar energy have a stabilized and predictable cost of electricity. Since you lock in the cost of your energy, this means that over time, your energy savings will continue to increase.
Solar Energy Increases Re-Sale Value of Homes
A recent report by Berkley Labs found that solar-powered homes with 3.1 kilowatt system on-average garner about $17,000 more than homes without solar. In comparison to other home renovations, solar can often recover more than 100% of the original cost, in comparison to a deck renovation, which returns only 4% more in resale value.
According to the U.S. Department of Energy’s Office of Energy Efficiency & Renewable Energy, a home with solar energy sells twice times as quickly than a home without solar panels – even when the market is depressed.
In many municipalities, your solar electric system adds value without increasing your property taxes.
Positive Return on Solar Investment
While the life of a solar electric system can be more than 20 years, the payback time is reached after approximately 6 or 7 years. This is dependent on many factors including retail electric rates and rate structures, your energy use patterns, the location and orientation of the solar energy system and the solar incentive programs in your area. A qualified solar energy installer can easily provide detailed financial analysis along with other information for your specific solar energy system.
Unlike other investments, taking your home solar is a secure investment.