Are you interested in solar energy but unsure whether solar panels are worth the cost? The reality is that various factors determine how much energy your solar panels generate and how quickly you get a return on your investment. For instance, where you live is a significant factor since solar tends to work much more efficiently in some parts of the U.S. than in others. If your solar panels are properly installed and solar is deemed practical in your area, you can count on not only helping the environment but also gaining a return on your investment in the long run.
1 – Incentives
In most parts of the U.S., there are excellent tax breaks, rebates, credits, and other incentives to accommodate homeowners and business owners interested in using solar power. Look into the solar incentives where you live. In Wisconsin, energy tax credits, solar rebates, and incentives are available. To name one, both homes and businesses get a tax exemption for solar equipment. The overall value added to the property as a result of installing a solar system is completely exempt of property taxes.
2 – Cut Utility Costs
Solar panels offer an excellent long-term benefit of providing savings on the cost of utilities. Monthly electricity charges can be reduced by up to 20%. In the short term, it may not seem to be cost-effective, but if you take into consideration that solar panels typically last for 25 years or more, you can see that the long-term benefits are undeniable.
3 – Rising Energy Costs
While considering utility costs, it can be difficult to predict how much they will increase, but the point is that they do increase annually. This year the average increase for electricity in the residential sector is projected to be 2.3% higher than 2014. As fossil fuel supplies dwindle and oil prices rise, energy costs will continue to be higher. Meanwhile, energy from the sun is abundant and free to tap into. Your solar power costs only improve, as you get the system paid off. Solar helps you offset escalating utility costs.
4 – Easy Maintenance
There are no moving parts on solar panels, which means they rarely malfunction. By simply cleaning debris from solar panels regularly, you can keep the efficiency and effectiveness of your unit in tact. If you reside in an area with heavy dust or heavy snowfall, there will be times when the solar panels need more frequent attention. Otherwise, maintenance is minimal.
5 – Calculating Loan Repayment
Figuring the total cost of your solar panels must include all of the available incentives, which can be considerable. If, in the end, a solar panel purchase is $70,000 for your business and you end up saving $7,000 in utility costs annually, it will take ten years to pay for the solar panels, including installation costs. That leaves another 15 years beyond making payments that you will continue to enjoy monthly savings.
6 – Increase Home Value
Solar Panel Installations Central WIStudies show that the value of your home can increase by 20 times the annual electricity savings when solar panels are installed. In addition, solar systems are a sought-after amenity. Realtors say that homes with solar panels usually sell more quickly than homes without them. In fact, a recent study has shown that homes with solar power installations sell 15% more quickly than homes without solar panels.
When it comes to dollars and cents, solar power makes a lot of sense. It is a sound investment that can offer a huge return in the long run. Contact us today to help you get started tapping into the sun’s abundant free energy.