So, you’re thinking about buying solar panels for your home. In fact, after doing your initial research, you’re closer than you’ve ever been to going solar. You may even be thinking about going affordable sometime next year.
Researchers with the Institute for Energy Research say that between 2005 and October of 2015, residential electricity prices increased by 34 percent and they’re expected to go up even more. You can easily decrease your dependence on the grid by adding solar panels to your home. They’re durable, their prices are super affordable solar investment, and you can make an arrangement with your utility company to make money off the energy you’re producing. But the incentives don’t stop there.
If you’re on the brink of going green, here are the top 5 reasons you should go solar in 2018.
1. Solar Federal Tax Incentives
The biggest reason you should consider solar panels for your home before the end of the year is to get the federal solar tax credit. You can write off 30 percent of your solar energy system cost if you go solar sooner, rather than later.
But this incentive won’t be around forever because the Solar Tax Credit works like this:
- Now – 2019: Tax credits for Solar Energy Systems are available at 30 percent through December 31, 2019.
- 2020: The credit decreases to 26 percent for the tax year 2020. This applies to owners of new residential and commercial solar panel cost.
- 2021: The credit decreases to 22 percent of the cost of your solar energy system.
- 2022 onwards: A 10 percent deduction will be available to owners of new commercial solar energy systems. Entering 2022, there federal credits for residential solar energy systems will expire completely.
In addition to the federal solar tax credit there are also rebate programs and other incentives, that may only be available in your state or city, and save you even more money.
Solar Reduces Your Carbon Footprint
On top of all the money you’ll save, you’ll also be doing your part to save the environment.
According to the Solar Resource Guide, a typical residential solar panel system will eliminate nearly 40 percent of your carbon emissions each year. It’s the equivalent of planting 2,500 trees!
2. Solar Lowers Your Energy Bills From Day 1
It’s no secret that an affordable solar panel system will immediately start saving you money on your utility bills. Nerdwallet estimates that a 3kW solar energy system, in a place that sees an average amount of sunshine, can cut a $100 monthly electric bill in half. On average, our homeowners enjoy a 30-50% reduction in energy costs.
Going green can save your a lot of green!
3. Electricity Prices Are Rising
And take a look at this chart. It’s a summary of residential retail electricity prices that the United States Energy Information Administration put together. You can see prices are expected to go up another 30 cents in 2019. This is news for Mississippi.
|Retail Prices||(cents per kilowatt hour)|
So, by investing in a solar panel installation now, you can fix your electricity rate and protect against unpredictable increases in electricity costs.
4. Solar Creates Energy Independence
Generators can break, fossil fuels can run out, and utility companies can dissolve. The sun, on the other hand, isn’t going anywhere.
In fact, NASA researchers say the sun provides roughly four million tons of energy every second—and only a fraction of it is being used in global energy consumption.
As this video from the United States Department of Energy explains, solar panels require only an extremely small piece of that solar energy surplus to power your home, which means you never need to worry about it running out.
5. Solar Increases Your Home Value
If you’re concerned about a solar panel installation causing your property values to drop, you can stop worrying.
The Lawrence Berkeley National Laboratory did a study on how well homes with solar panels sell. It’s called “Selling Into The Sun.” The report analyzed sales of homes with a solar power system. It found solar adds $3.00-$4.00 per watt to a home’s value.
There really hasn’t been a better time to go solar than now. The tax incentives are high, while the installation costs are dropping. Throw in the benefits you’ll provide the environment and it’s tough to turn your back on the thought of adding a solar energy system to your home.
If you’d like to find out about some other ways you can save big on your affordable solar panel cost, talk to one of our solar panel experts.