We are happy some trends have died out. Planking. Excessively distressed jeans. Hair crimping. Hey, hindsight is 20/20. One trend that we're glad to say is here to stay? Renewable energy, most notably, solar power. Jump on this eco-friendly bandwagon and reap the many rewards that solar panels have to offer!
While there are numerous reasons why homeowners are replacing their power system with a renewable energy source, here we're going to focus on four big advantages that come from installing solar panels onto your roof.
Impressive Incentives and Rebates
From the various solar panel rebates that are available and the investment tax credit for solar power to the incentives that may allow you to go solar for $0 down, there has never been a better time to go solar!
The investment tax credit, or ITC, was put in place thanks to the Energy Policy Act of 2005 and was set to expire in 2007. However, thanks to the growing popularity of solar panels, Congress extended this credit in some form through 2021.
As it currently stands, owners of new residential solar systems in 2020 can deduct an unprecedented 26% of the cost of the system from their taxes. That number drops to 22 percent in 2021, so when it comes to maximizing your savings, time is of the essence.
Massively Reduce or Eliminate Electric Bills
When you have solar panels, you're no longer solely relying on a utility company to power your home. Instead, energy from the sun is used to power your electricity, which means that many people rely on their panels during the day and then switch to power supplied from a utility company once the sun goes down.
This results in less power from a company, which means a lower electric bill. Curious to know more? Calculate your savings! Keep in mind, many companies charge a minimum fee, so even if you were able to only use solar power, you may still get a bill from your backup utility company. Be sure to give them a call to discuss the specifics so you aren't faced with unexpected charges.
Increase Your Property Value
Installing solar panels is a wise investment, as research shows it increases your property's value. This is of course dependent on a few important factors, like the size of your solar panel system and the city that you live in. Just to give you an idea, there's an average resale value increase of nearly $6,000 per kilowatt of solar installed.
That means that if you have a 5-kilowatt system, you may add almost $30,000 to the retail value of your home!
Again, all of this depends on a variety of factors, including current market prices, but these numbers can help homeowners get an idea as to the financial benefits of solar energy.
Protect the Environment
Did you know that an estimated 72% of toxic water pollution in the United States comes from coal-based electricity production? Because solar panels get their energy from the sun, they help decrease greenhouse gas emissions while combating air and water pollution.
That's not all! By opting for a solar panel system, you can reduce your carbon footprint, contribute to lowering our dependence on fossil fuels, and help mitigate climate change. Need we say more?
Take Advantage of Solar Perks Today
Solar panels are beneficial to both homeowners and the environment, and with help from EnergyBillCruncher, it's easy to find, compare, and connect to local installers. Significantly cut down on your electricity costs while enjoying incentives and rebates, increase your property value, and reduce your carbon footprint, compare solar panel quotes now!