The U.S Department of Energy received approximately $128 million in support of the going green initiative. The Department plans to reduce the cost of solar energy in the next ten years by 60% so that solar energy can be affordable to all.
Besides, many Americans are seeking new ways to save money for the future, given the increasing cost of utilities like electricity. Research shows that 46% of American homeowners say they have given installing solar panels in their homes a significant consideration.
While it may initially seem pricey to invest in solar energy, it can be a cost-effective solution that will pay considerable long-term dividends.
Here are the rewarding financial benefits of going green with solar energy.
Federal and local governments have put measures to encourage people to move toward renewable solar power. Tax incentives are the most extensive reward for such residents. Specific tax incentives offered by federal and local governments include:
26% Federal Investment Tax Credit
The federal government offers a 26% federal investment tax credit for the cost of a purchased and installed solar power system. So, you will receive a 26% rebate tax relief.
Modified Accelerated Cost-Recovery System (MACRS)
Accelerated depreciation is another incentive offered by the federal or state government. In the panel installation of your solar power system, MACRS writes off your first-year cost.
Solar Renewable Energy Credits (SRECs)
SRECs offer you a recovery benefit of the cost of your solar panel installation by the amount of energy your system can handle. The government’s program offers incentives regardless of the size of the solar panel system installed to help you save money.
Lower Power Costs and Lower Bills
Going green helps you manage energy costs in the home, ensuring you won’t worry about paying a hefty bill at the end of the month.
Today, residential electricity use is at an all-time high. Homeowners consume more electricity to power home appliances around the house. Thus, you expect a higher bill every month.
Yet, installing a solar panel allows you to get electricity for free.
Since solar technology keeps advancing and many brands are on the market, you can get solar panel installation at a reasonable price. This way, you avoid paying too much to your utility company every month because you can generate, store and use your power the way you want.
Going Green Boosts the Home Resale Value
According to the National Renewable Energy Laboratory (NREL), 20 percent of homes with solar power systems sell faster. Many home buyers seek to save electricity bills and look for a property with pre-installed solar panels.
So, solar panel installation increases your home’s curb appeal and boosts the resale value. But make sure you choose the best home solar company for a proper installation.
Install Solar Panels in Your Home
The moment for going green has come if you dread receiving your utility bill each month. You have much to gain with incentives like lower electricity bills and tax credits.
Keep an eye on our website to learn more about going solar and how you can take advantage of all the fantastic incentives.