Considering a Solar Panel Home? Here are Some Things You Should Know
The new era of the green and solar home started approximately a decade ago. Homes across the world are shying away from fossil fuel electricity to a cleaner energy source. Reducing emissions is now a major game-changing decision among many, especially when there’s a global change in the climate; this has caused an increase in solar panels’ sales and the number of people going green. Now is the time for giving solar panels publicity. Below you will find things that you should know when considering solar for your residence, one which will allow you to save on energy, save money and protect the environment.
· Buying versus renting a solar panel system :
The difference in owning a solar panel system as opposed to leasing is that you will have full possession when you acquire the system. At the same time, when you lease it, then someone else is the owner. Not all system providers offer the opportunity to lease. It is beneficial to purchase a solar set for your solar home:
- If you’re able to lessen your state and federal tax liability through financing for a tax-credit.
- If you desire to raise the worth of your house by installing a system and potentially allow for low maintenance cost.
- If you’re interested in increasing the financial benefits of investing in a solar panel system, rather than depending on the system’s environmental benefits.
You can consider a lease if you’re:
- Interested in generating electricity using renewable resources rather than abuse the installation of solar panel systems.
- Not willing to wait until the coming year to get the financial benefits or your tax credit.
- Not suitable for tax credits from investing in a solar panel system.
Incentives for buying a solar system:
Solar energy, especially in the United States, has been growing exponentially with the solar panel system’s sale and power generated to give over 10 million people electricity. By the year 2023, this 10 million figure is expected to double. To persuade people to obtain solar systems, companies and the government offer incentives, tax credits and rebates. Incentives can reduce the cost of these systems up to 50% if these offers are accepted.
Some types of incentives are:
· Governmental tax credit for solar homeowners- If you ever questioned if you could ever get a credit, yes, you’re capable of getting it.
· Cash rebates – some companies that sell these systems sometimes offer cashback to customers who buy at their store.
· Tax exemptions – Besides the national solar tax account, different states and governments offer the customer incentives such as property tax and sales tax exemption.
Obtaining a house or installing a solar system can give you back money on your power bills monthly. It also helps to boost the price of your house.
8 Benefits of Installing Solar Panels on Your Home:
· The energy source is renewable
· It reduces your electricity bills (save on energy)
· The systems’ application is diverse
· Low maintenance cost (save money)
· Improving technology
· Almost no production cost
· Protect the environment
· Can be installed by a local contractor
Limitations of Solar Panel Systems:
· The startup cost for a solar panel system is somewhat high
· Some solar panels are able to collect energy throughout cool days, but others can’t
· A solar panel system utilizes a great deal of space
· Solar power storage is costly and it may be a hassle finding a local contractor at a fair price