The solar market is growing in the U.S and the rest of the world. Many people now realize the benefits of using solar power for their building. Here are the top benefits of using solar energy at home.
If you add solar panels to your home, you can save $100 monthly in many states. Within two decades, you can save more than $30,000. In Hawaii, $64,000 is saved in the first 20 years.
Good financing options
The Solar Purchase Power Agreements (PPAs) has made it possible that homeowners choose to finance their solar panels with ‘pay-as-you-go’ option. So, a third party owns the solar system and handles all the installation, maintenance, monitoring, and repairs. You just need to pay the solar provider. The payback period is only 10 years if you pay in cash. In Hawaii, it takes only 5 years.
Increase value of your home
If you buy a home with solar panels, you will spend less on electricity bills. Solar panels will make your home more attractive. A recent study conducted by National Renewable Energy Laboratory (NREL) has revealed that solar panels sell 20% faster and at a 17% more price. The average price of home increases by $17,000 once solar panels are installed.
Consider the incentives
Different states are providing incentives to use solar energy. You get a waiver on Federal Solar Tax Credit. You will also get part of the total system costs back. You will save a lot of money by installing solar panels on your house.
With solar panel, the price is fixed for at least the next 20 years. So, there is nothing to worry about the fluctuating energy prices. Solar panel manufacturers give 20 to 25-year warranty with their solar panels. You can lower the carbon footprint by using solar energy.