Well, solar panels in themselves can save money since they lower electricity costs and are good for tax credits not to mention the independence from energy long-term. Solar Panels -They use sunlight to generate electricity and, in the process, homeowners may reduce their dependence on grid power so that can help them decrease utility bills. Solar panels can decrease annual energy costs by 50-75% in sunny regions like California and Arizona depending on system sizing and home energy wants.
A typical residential solar panel system can cost anywhere between $15,000 and $25,000 before incentives for the equipment itself depending on its capacity size and local labor costs. But federal tax credits cover 30% of the cost of eligible (aka, new-build) installations, up to $4,500-$7.5K in savings upfront. Certain states and cities also provide rebates or incentives to further reduce the cost of solar panels. Added together, both of these incentives can cut the entire system cost in half for some areas — enabling homeowners to recoup their investment, on average at 7-10 years depending on installation factors and energy consumption.
A solar array will generate free electricity for 25-30 years, a decades-long period that is the standard lifespan of most systems. For homeowners, this long-term cost-saving potential is one of the most significant financial incentives. Since utility rates increase by as much as 2-5% annually, a home running on solar power is already impervious to such rises–further reducing the savings available over time. According to a National Renewable Energy Laboratory (NREL) report, households save an average of $1,000 per year on electricity costs and homeowners could save upwards of $25-30k over the lifetime ownership period.
Solar panels also associate with property appreciation, in addition to the direct savings. Zillow has found that homes with solar panels on average are worth 4.1% more than their historically nearly identical counterparts, and sell faster-home listing times have decreased between 5%-20%. That is to say, a $220k house for which you add $10ks of all-but-assuredly sale-gaining energy systems will be close to eight grand (seven-and-a-half) less expensive in the long haul after selling! For homeowners who plan on selling someday, this can make that property more valuable when the time to sell finally comes around — which is a much better return-on-investment.
Similarly, solar panels keep more pounds of fossil fuels in the ground which also helps to reduce carbon emissions. Tesla CEO and green energy aficionado Elon Musk famously quipped that “We have this handy fusion reactor in the sky called the sun You do not have to worry about anything; it works directly. Solar panels provide a solution for homeowners to decrease their electricity costs and lessen the environmental impact, proving them as an excellent eco-friendly investment.
Solar panels save you money through reduced utility bills, tax incentives as well as your property value while providing clean energy for many years.