What Are the Financial Benefits of Solar Energy?

There’s a lingering misconception about solar power. The truth is, solar power saves most homeowners a bundle of money, both in the short term and the long term.

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Once upon a time – decades ago – solar panels installed on your roof was something only wealthy hippies could afford.

But today, solar panels are far cheaper and far more effective in producing energy. And when you work with Sungevity, they are cheaper to install on your home, too – often homeowners pay $0 out of pocket to install solar.

And solar isn’t just cheaper, there are clear positive financial benefits to buying and financing solar.

Solar power is not only economical but it can also be a positive for the environment. Solar energy benefits are a proven and integral part of overall environmental sustainability, which in turn will mean less financial hardships for all of us.

The financial benefits of solar energy are:

  1. Significantly lowers power bills
  2. Tax incentives
  3. Increases home value
  4. Helps mitigate losses during blackouts
  5. Contributes to greater environmental sustainability
  • Lower power costs and lower bills

This is a significant factor, especially for those people who are on a fixed monthly income. This means that you can go about your daily business without having to worry about your bills. Not only does it help you save money but it also lowers the stress levels of the user as well. Studies have shown that lower stress helps alleviate some medical issues – so you can save money there, too!

Since solar technology advances constantly, the prices of solar panels are lower than they’ve ever been. They will continue to lower in cost, although the drop has plateaued, so there’s not much sense in waiting for them to keep dropping. The money you’ll save immediately will far outweigh the time you wait for panel prices to drop, all the while paying too much to your utility company.

But the best thing about it is that you will still have the ability to generate your own power, which you could use as well as store to store the surplus power for later usage.

  • Tax incentives

The federal government has a tax incentive for residential solar systems, and many state and local governments offer additional incentives as well. As of 2020, you can get up to 26% of the complete cost of your solar system back on your taxes!

The best way to maximize tax incentives is to speak with a professional consultant. At Sungevity, we provide customized systems to ensure maximum monthly savings on your power bill, and we can also help maximize tax savings based on your specific area. We even do most of the paperwork for you!

If you would like to speak with a solar consultant today, click below and fill out the form!

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  • Increases home value

Solar panels are shown to increase the attractiveness of a home on the open market. This is true of homes with low property taxes, homes in high quality school districts, and homes with good home energy ratings.

The National Renewable Energy Laboratory (NREL) has found that homes with solar panels installed sell on average 20% faster. Furthermore, a study from the U.S. Department of Energy’s (DOE) Lawrence Berkeley National Laboratory found that sales prices of the average home increased by about $17,000 with solar panels.

  • Helps mitigate financial losses during blackouts

Blackouts are more than just inconvenient. They are costly. In some cases, they can be life threatening. A fridge full of food can spoil in an extended blackout, costing you hundreds of dollars in groceries. Pets can suffer without air conditioning in hot areas, leading to costly vet bills. Life-saving medical devices require electricity, and consequences of blackouts for those people who rely on them can be catastrophic.

Solar panels can help keep your essential home electronics going during those Public Safety Power Shutoffs (or even the unplanned blackouts). If you opt for a backup home battery to go with your solar panels, you can keep things running night and day. The monetary losses you prevent with solar can be extraordinary!

  • Contributes to greater environmental sustainability

Environmental sustainability is more than an abstract feel-good “green” concept. It is true that solar energy is a clean and limitless source of energy. And yes, every Watt generated by your home’s solar panels is a Watt that doesn’t need to be generated by a big polluting power plant.

This works to your direct financial favor.

Experts have been saying for years that accelerated climate change will end up costing our country and the entire world loads of money. There will be greater (and costlier) environmental disasters such as hurricanes, tornadoes, floods, droughts, and wildfires. There will be rising ocean levels, putting coastal homes at risk. Food and water will begin to cost more money.

Installing solar panels on your own home won’t solve the problem alone. But it’s a step that you can take today to contribute to the greater good. The more solar panels we install on rooftops or ground mounts, the less we need to burn fossil fuels to produce energy. Solar panels are one of the most eco-friendly and wallet-friendly forms of alternative energy.

When the utilities get help generating electricity from your home, there’s less stress placed upon the power grid. Less stress for the grid means less grid-related issues, including massive wildfires and public safety power shutoffs. So, in a slightly more immediate sense, it’s also financially sound.

These days, it is easy to compare the monetary benefits of solar energy with the alternative you already have: your old utility company.

How to switch your home to solar power

One of the biggest benefits of today’s solar industry is that you do not have to install the panels yourself. We hire and train solar installation professionals with the highest safety standards and the greatest care for your rooftop.

No one should think twice about taking advantage of the benefits of solar today. Contact Sungevity to get started!

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