Solar Energy Is An Investment
We know what you might be thinking. Solar energy is wildly expensive. Concerns about price are something we hear a lot of when potential customers are on the fence about going solar. While the costs for a complete solar system may be discouraging for some, customers save money in the long run by becoming independent from big energy companies. On top of the independence, customers will receive a tax rebate based on the amount of energy that doesn’t get used. Before turning away from solar based on installation prices, read below to learn more about how a solar energy system saves you money.
Reduced Electric Bill
When you choose to invest in a solar system for your home or business, you are investing in the ability for your building to produce its own electricity. That means that you aren’t paying your energy provider for electricity since your system is providing it for you. Besides that, there are other money saving methods to consider when committing to solar energy. These two methods include net metering and solar tax rebates.
1. Net Metering
When you choose to invest in a solar system for your home or business, you are investing in the ability for your building to produce its own electricity. That means that you aren’t paying your energy provider for electricity since your system is providing it for you. Besides that, there are other money saving methods to consider when committing to solar energy. These two methods include net metering and solar tax rebates.
2. Tax Rebates
Tax rebates from our federal and state governments help encourage potential customers to invest in solar energy. Some customers are interested because of the carbon offset that solar energy systems produce, so when these customers hear about tax rebates, they learn that their environmental efforts get rewarded. Our federal government currently gives solar customers a 26% tax credit for installations until the end of 2022. Once 2023 comes around, the tax credit percentage decreases to 22%. State tax rebates are unique to each state. In North Carolina, a homeowner receives $0.40/Watt for systems up to 10kW (kilowatts), meaning a homeowner with an 8kW system can receive up to $3,200. Non residential customers receive $0.30/kW with a $30,000 maximum rebate, and non-profit customers receive $0.75/kW with a $75,000 maximum rebate. South Carolina homeowners receive a 26% tax credit with a max state tax reduction of $3,500.
Increased Property Value
Besides saving you money on your power bill each month, a solar energy system also increases your property value. The reason why your home’s value increases is because solar energy saves you money as time goes on. If you were to sell your home, then the next homeowner would be able to receive the benefits of solar energy without making the initial investment. Researchers from The National Renewable Energy Laboratory learned that each dollar saved using solar energy increases a home’s listing price by $20. Data from Zillow shows that homes with solar energy systems sell 4% higher than homes without solar. This percentage equates to a price increase of over $9,200.
In Conclusion
Like with any large investment you make, it’s important to weigh the pros and cons. Pros and cons tend to be unique to each customer’s situation, but one thing customers can count on is a return on their investment when going solar. Combining state and federal tax rebates along with net metering makes for an electric bill that customers don’t mind seeing each month. Once solar energy systems are installed, that customer’s home goes up in its price. When considering solar energy, don’t get too focused on installation prices. If Renu installs it, the savings will come.
