Installing a photovoltaic system requires a sizeable investment, even after the huge drop in costs over the last few years.
If your bank account can’t take the hit, you’ll need to seek out financing. Several options are available, but you may be wondering — is going solar really worth the effort and expense?
Absolutely! In fact, installing solar panels is a great way for homeowners to save big while reducing their dependence on the power grid.
Financial Incentives Sweeten the Deal on Photovoltaic Energy
First, let’s talk costs. The average home solar power installation comes in at around $25,000. Some homeowners worry that they won’t recoup their costs.
Fortunately, you don’t have to spend that much. The federal solar tax credit cuts the cost of your system by 30 percent. That’s nearly $8,000 right back in your pocket. Add state and local grants, rebates and tax breaks, and you’re potentially looking at thousands more in savings.
Altogether, you may be able to save 50 percent or more on your solar installation, and you’ll end up with a source of free electricity.
A Photovoltaic System Provides Instant Electricity Savings
The sun’s energy is free, which translates into instant savings on your electricity bills.
It doesn’t matter whether you install a small solar array to provide part of your home’s power or a full-sized photovoltaic system capable of supplying all of your electricity. Any amount of PV energy will slash your utility costs.
And if your solar array creates more electricity than your home needs, the utility company will give you a credit for the excess energy you send back up the grid. Because of this, your photovoltaic system could actually end up turning a profit.
Installing a Photovoltaic System Improves Your Home Value
How’s an extra $15,000 sound? That’s how much more you may be able to get when selling your home if it has photovoltaic power. So the boost to your home value could potentially cover the entire cost of your solar array.
Plus, you may not have to worry about your home languishing in the real estate market for long, if you install a photovoltaic energy system. Research from the U.S. Department of Energy Efficiency and Renewable Energy shows that homes with photovoltaic systems often sell twice as fast as those without.
As you can see, going solar is definitely worth it. To learn how solar can pay off for you, contact Intermountain Wind & Solar. We serve customers in Utah, Wyoming, Idaho, Nevada and Colorado, and we look forward to helping you save big with photovoltaic energy.