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Lindsey Patterson

How Does Solar Energy Help You Save Money?

3 min read

Solar Panels and Homeowners Insurance | Allstate

Solar energy is the most conscious solution to the environmental problems that we experience as a result of using other forms of energy. Besides, it is one of the most cost-effective ways of powering your house or workplace. For you to use solar energy to run your daily activities, you ought to purchase and install a solar panel in your structure. Nowadays, there are options for either purchasing or leasing solar panels. More than 50 percent of the residential buildings in the United States have installed solar panels. Here is all that you wish to know about solar savings for your home.

 

How Does Solar Energy Help You Save Money?

 

No Monthly bills

One of the ways in which solar power helps you save money is that you do not have to pay electric bills monthly. Unlike when you are using electricity, where you are certain that there is some amount of money that will go out to cater to the electricity bills. This is because solar panels installed in your house use the sun as the sole source of energy to power your domicile. All you need to do is to ensure that the panel is positioned appropriately in a way that it gets exposed directly to the rays of the sun.

Affordable Installations

In the modern day, installing a solar panel to your house is no longer a burden as compared to the previous years. There are various solar financing options that you can choose from. Some of these solar financing options include cash purchases, solar leases or PPAs, and solar loans. Each of the mentioned options offers you a different value, which you will enjoy for a long time. Companies like Solar Negotiators that provide solar fresno are selling excellent solar panels at affordable prices, and they also provide you with the solar financing options mentioned earlier.

Improved Home Value

One of the most effective ways of improving the value of your home is by installing a solar panel. If you are venturing into the real estate business, then undoubtedly this is the solution to make your property improve its worth. In our modern life, solar panels are considered as upgrades, just like a furnished basement or a renovated kitchen. According to Lawrence Berkeley National Laboratory, solar panels increase the value of a real estate by approximately $15,000. However, this depends on the electricity rates and other premiums in your state. Installing a solar panel will help you get more money for your house and at the same time enjoy saving utility costs.

Low Federal Tax Credit

The federal solar tax credit, also known as the investment tax credit, allows commercial homeowners to deduct 10 percent of their costs of installing the solar panels from their federal taxes. On the other hand, the residential homes that have installed solar energy systems do not have a federal credit. These credit taxes vary from one state to another. It is, therefore, crucial to understand the rates of solar energy systems in your state. You can also claim your federal tax credit for solar yearly when you file your annual tax returns.

 

Conclusion

 

 

Solar energy is the best way to go in this era where you ought to be economical and save for many other important things. Solar energy is also reliable and convenient for use in any place.