You don’t have to be an environmentalist to see the value of solar panels.
Yes, solar panels are good for the environment because they provide renewable, clean energy. However, they’re also good for a homeowner’s wallet. Installing solar panels on your home can save you money each month on your electricity bill. The government has also created incentives that can help reduce the overall cost of solar panel installation.
In addition to the tax credits and monthly savings, solar panels also make a home more valuable. In the blog post below, you can learn more about why solar panels are the best investment you can make as a homeowner.
Tax Breaks Can Help Ease the Cost Burned of Solar Panels
One factor to consider is the tax credit that you’ll get from the government as an incentive to invest in a solar panel installation. If you install the solar electric system any time in the year 2020, you’ll get a 26 percent tax credit. That means you’ll get a tax break worth 26 percent of the total cost of your solar energy system.
If you install solar panels in 2021, the tax credit will only cover 22 percent of the total cost of your solar energy system. You may also be able to get additional tax credits and other incentives from your state government or local organizations. Since these credits can vary year-to-year, it is best to consult with an expert to help you file taxes. This will not only keep you from making mistakes but also ensure that you take advantage of every tax break available to you.
Owning Your Solar Panels Ensures You Get the Tax Breaks
When calculating whether or not solar panels might be a good investment in your home, you’ll have to consider the solar panel cost breakdown. The first is the total cost of the solar electric system. According to the Center for Sustainable Energy, purchasing a system from a solar panel company can cost anywhere from $15,000 to $25,000.
The price of the solar energy system depends on how much energy you need. It is possible to lease your solar electric system instead of buying it, but the downside is that you don’t get tax breaks with a lease.
Only the owner of the solar panel gets the tax breaks. You can learn more about solar panel ownership by typing “search panel company near me” into Google or in this article from Blue Raven Solar.
You’ll Save Money Every Month With Solar Panels
.In addition to the tax breaks, solar panels also start paying for themselves with lower energy costs. Solar panel benefits include the ability to no longer pay for any of your electricity. Utility companies do charge a small fee to homeowners to keep them connected to the electrical grid. Still, it’s nothing compared to the high costs most homeowners are used to paying to utility companies each month.
Installing Solar Panels Is a No-Brainer
With all these savings available, installing solar panels makes sense from an environmental and economic standpoint. If you’re interested in learning more about making good investments as a homeowner, stay tuned for more articles from TwayMedia.