Are you wondering is solar worth it? A solar panel system can save you an extra $10K to $30K throughout its lifetime.
Sounds too good to be true right? Don’t worry, we can prove it.
- Great Tax Benefits
The government is trying to help the country switch to more sustainable forms of energy, like solar. To help the people do that, they offer a phenomenal tax break when you install solar panels on your home.
The best time to install solar was before the end of 2019 when you could get a whopping 30% of your solar panel cost as a tax deduction, but there’s still time.
You can still get a tax credit equal to 22% of the solar panel cost if you get the system installed before the end of 2022. But unless the government decides to renew the program (which they have in the past, but there’s no guarantee) this tax credit expires in 2022.
- Start Saving From Day One
Most households who switch to solar energy see savings right away. Often, the financing payment for the solar panels is lower than the preexisting electric bill! That’s money you can put in your pocket right away.
Some companies can even offer bigger savings advantages, depending on your area. Try checking out blueravensolar.com/north-carolina/raleigh/ for more ideas.
- You Can Sell Your Energy
If your solar panels generate more energy than you use, you may be able to sell that power back to the power companies. You’ll need to double-check to see what’s available in your area, but this could be a viable way to earn completely passive income.
About 40 states will allow you to sell your solar energy back to the grid, and households that do so make an average of $3000 extra per year! If your solar system lasts 25-30 years (as it should) that’s an extra $75,000 to $90,000 over the course of a lifetime, paying for itself time and time again.
- Boost Your Home’s Value
Homes with solar panels installed are worth an average of 4.1% more than comparable houses in the same neighborhood. So even if you plan on selling within the next few years, your solar panels can pay for themselves when you do.
- Invest In the Planet’s Future
This won’t save you money, but we think it’s worth mentioning anyway. If you’re at all concerned about the impending climate catastrophe, installing a solar system in your home is vital.
The electricity you use when you power your home is likely the biggest factor in your carbon footprint. But if you’re using green energy, you’re cutting your carbon footprint by about 80%. Yes, that’s a lot!
Is Solar Worth It? Yes, Yes It Is
If you’re wondering, is solar worth it, the answer is a resounding yes, and the sooner the better. By installing solar, you can see immediate savings, boost your home’s value, and help save the planet.
For more great money saving tips, check out our finance section where we post the best tips to help you grow your wealth.