A great way to save hundreds of dollars on your electric bill each year is to buy solar panels for your home. Solar panels use energy from the sun to power your home. This renewable energy resource will eliminate your home’s electric expenses and also help the environment Solar panels at home require a moderate one-time investment; however, they usually pay for themselves in three years or less. Due to their increase in popularity, installation expenses have decreased by 30% in the past few years.
The cost of rooftop solar panels depends on the size of your home. A typical rooftop solar unit could range from $10,000 to $35,000. Before your jaw drops down too far, let’s take a look at how much a unit would really cost you after figuring in federal and state tax breaks.
Tax Credits for Solar Panels
In an effort to reduce our nation’s dependence on oil and introduce green energy into our homes, the U.S. government now offers generous tax breaks for eco-friendly home improvements or repairs. State governments provide tax incentives as well.
Let’s suppose you live in Melbourne and want to buy and install a rooftop solar panel unit for your home. The unit will cost $30,000 to both purchase and install. However, after applying federal and state tax credits, your unit could cost less than $3,000. That’s an amazing savings by itself, but when you factor in how much you’ll save on electricity, buying solar panels is a no brainer. Depending on the state in which you live, tax incentives generally cover between 40% to 90% of the cost of solar panels.
A Smart Investment
Considering the massive tax credits given to those who purchase solar panels for home, as well as the amount of money you’ll save in electricity bills, this eco-friendly home improvement is a smart investment.
If you live in an older home that needs roof repairs in the near future, it makes financial sense to consider purchasing solar panels for your roof instead of patching and repairing the existing roof. Also, if your roof is south-facing and is fully exposed to the sun (meaning that there are no leafy tree branches overhanging and shading your roof), you will greatly benefit from installing solar panels on your rooftop. The easiest and cheapest solar panel installation is reserved for flat roofs with tar or chip roofing.
Long-Term Benefits of Solar Panels
Aren’t we all looking for ways to lower our utility bill? By making a small one-time investment in solar panels, you can permanently say good-bye to your electric bill. Other long-term benefits of solar panels for home include:
- compensation by the state government for electricity you produce;
- save on rooftop maintenance costs (solar panels, once installed, require very little maintenance);
- help conserve Earth’s precious nonrenewable energy resources;
- reduce your carbon footprint and avoid polluting the environment;
- set a good example for other aspiring “green-living” homeowners in your town.
Do you want your home to begin saving and making money for you? If so, consider solar panels for your rooftop. Installing home solar panels is a great way to protect yourself against increases in energy prices. Most economists agree that energy prices will continue to rise in the near term, and buying a solar energy system hedges you against this expected increase. As the price of energy goes up, the payback period of your system will continue to decrease.