The financial benefits of solar energy are becoming increasingly apparent. Many people think that the best reason for going solar is to help the environment, but a great number of savvy consumers choose this alternative energy source for its impressive financial advantages. Solar energy can save homeowners and business owners a significant amount of money. Here’s how.
Reducing Bills and Stabilizing Energy Costs
An average residential electric bill in Idaho, Montana, Wyoming and most other states in the Intermountain West ranges from about $100 to several hundred dollars each month. For commercial customers, that number can reach into the tens of thousands. If you install a solar energy system, that’s how much you’ll save each month. Potential cost savings equate to thousands of dollars a year for even the most modest consumer.
And, even better, you’ll be locking in your price for energy costs for the next several decades. Utility rates have steadily increased over the past 30 years, and they will continue to rise, unabated. By making the move to solar now, you’ll stabilize your energy costs, and every time the rates go up, you’ll save even more.
Adding Value to the Home
Installing a solar energy system increases the property resale value of your home in almost every case. Photovoltaic panels make your home more attractive to potential buyers because of the obvious cost savings.
According to research by the National Renewable Energy Laboratory, homes with solar panels typically sell up to 20 percent faster than other comparable homes without panels. And, what’s more, they sell for up to 17 percent more money. In fact, according to the U.S. Department of Energy, the price of an average home increases by $17,000 when solar panels are installed. By adding value and salability to the home, the panels practically pay for themselves.
Tax Credits and Financial Incentives for Going Solar
The cost of residential panel systems varies significantly, depending upon the size of the solar array and whether the system is tied to the grid. But you can actually get 30 percent of your equipment and installation costs back in the form of a federal tax credit. Combine that financial incentive with state and local rebates and grants, and you can end up paying up to 50 percent less for your system.
If your power company follows net metering guidelines (most do), the utility is required to purchase your excess power at a wholesale rate. This offers you the very real possibility of earning a profit as the result of adopting solar.
Interested in learning more about how this exciting alternative energy source can save or even make you money? Contact Intermountain Wind and Solar today. We serve the entire Intermountain West region of the United States, including Utah, Wyoming, Nevada and Idaho. Call us today to learn more about the many financial benefits of solar energy.