A solar energy system can be an excellent investment. The cost of a solar system will pay for itself in energy savings over its decades-long lifespan.
It can also offset your reliance on carbon-emitting electricity from the grid. If you choose a battery storage system, it can even keep your home powered during an outage.
Solar power is a great way to save money on electricity costs. Depending on your location, the state, and the utility provider, you may have different options for reducing energy costs, like net metering or time-of-use plans. These options help you save money by allowing you to sell excess energy back to the electric company or use lower rates during off-peak hours.
There are also several tax credits and incentives available that can significantly reduce the upfront cost of going solar. These include the federal investment tax credit and solar renewable energy credit programs.
You can purchase your system outright solar panel installation in New Jersey, which provides the most long-term savings, or you can lease it instead. If you decide to buy, several financing options can help you pay for your system with little or no upfront cost.
Reduce Your Carbon Footprint
Purchasing and installing solar panels is a great way to reduce your carbon footprint. A home’s electricity consumption is one of the most significant contributors to greenhouse gas emissions. By switching to solar energy, homeowners can significantly decrease their carbon footprint and help to save the environment.
While a solar system can benefit homeowners financially, it has a few environmental downsides. First, producing solar panels requires raw materials like silicon and other metals. These materials must be mined and then transported to the panel manufacturer. This creates a significant amount of greenhouse gases. Second, a semi-permanent solar system cannot be moved to another property. This can take a while to pay off the carbon debt the panels accrue during their lifecycle.
Despite these drawbacks, solar power is still significantly cleaner than traditional energy sources. It produces 12 times less carbon dioxide per kilowatt-hour than natural gas and 20 times less than coal.
Increase Your Home’s Value
Homeowners often invest in features like pools or lavish landscaping to boost their property value. But those features come with maintenance and upkeep costs that subtract from the home’s overall market value. Solar panels, however, increase your home’s value without the added expense of upkeep and other hidden fees.
According to the National Bureau of Economic Research, homes with rooftop solar energy systems sell for a premium compared to similar properties that do not have them. The exact amount of the premium depends on the size of the system and how much electricity it produces, but on average, it amounts to a 4% increase in value.
The upfront cost of solar will play a role in its payback period when you go to sell your home, but even with a financing option such as a lease or power purchase agreement that requires no money down, it can take between six and nine years for the system to pay for itself.
Increase Your Home’s resale value
Installing solar panels might be an investment upfront, but it can help increase your home’s value in the long run. The reason is that most buyers would be willing to pay more for a home with solar power than one without. This is especially true if the home is in an area with high utility rates.
In addition to energy cost savings, solar is an excellent way to reduce your carbon footprint and become more environmentally conscious. It is estimated that each kilowatt of electricity a company produces avoids the equivalent of burning 903 pounds of coal, one of the world’s dirtiest nonrenewable energy sources.
Adding solar to your home is also an excellent way to qualify for tax credits and other incentives. Each state’s regulations differ, but solar can help you save on federal taxes. It may give you access to local programs like net metering, allowing homeowners to earn credits for selling energy back to their utility companies during peak hours.
Increase Your Home’s Energy Efficiency
One of the biggest reasons to go solar is that it offers a way to save money on your electricity bill. These savings depends on your current usage and the cost of electricity in your area, but most homeowners will be able to recover their upfront expenses within ten years.
If you’re considering selling your home in the future, a solar panel installation can significantly add to its resale value. Homes with solar power sell 20% faster than those without and for 17% more.
Many factors can affect your energy payback period, including the type of solar panels you choose and how well they are positioned on your roof. Generally speaking, the more direct sunlight your system gets, the faster it will pay off. Solar panels produce more power if trees or other structures do not block them.
Increase Your Home’s Comfort
The benefits of solar are many, including a reduced carbon footprint, savings on electricity bills, and cleaner air. It also supports energy independence and reduces dependence on fossil fuels.
Choosing the best system size for your home’s energy needs is critical. A more extensive wattage system will cost more upfront but can save you money over time by lowering utility costs.
A new solar system can make your home more comfortable by reducing the need for costly fossil fuels to power electric-powered appliances and heating and cooling systems. In addition, some homeowners choose to add a solar battery or utilize Net-Metering or SRECs to receive additional financial incentives.
Solar is growing faster than ever, and now is the time to consider a solar system for your home. Contact a local solar provider to request your free quote today. A solar advisor will guide you every step of the way.