Solar panels are a very popular way to utilize green energy in your home. With many government grants and long-term financing advertisements out there, you may be considering whether or not solar panels are the right upgrade for your home. Here are three main ways that upgrading to those residential solar panels can help your wallet grow fatter.
Save Energy Costs Each Month
One of the best financial gains that you can get from installing solar panel energy in your home is saving money on your monthly electricity bill. While your solar panels may not provide all the energy that you need to run all the operations in your house around the clock, they can go a long way in meeting a large portion of those needs. From the very first month, you’ll notice there will be a large decrease in your power bill.
Receive Government Grants And Tax Breaks
There are many government-sponsored programs out there that can help you when it comes to tax season. Many solar panel installation services can be reimbursed up to a specific percentage of the purchase price. It’s best to look at the individual programs in your state as well as the federal programs. Some of the most commonly used by citizens include the Investment Tax Credit, Federal Solar Tax Credit, and Residential Solar Energy Credit. There are many more programs out there on the local municipality level as well that you should check into.
Get Paid To Provide Energy
Depending on the amount of energy your solar panels produce, there may be a surplus. With a two-way power reader from your electricity company, you can feed that excess energy back to the power company. They’ll pay you for every KW of power that you feed back into the system. Traditionally, the power company will use this money to credit your existing power bill. If the amount of power that you feed back to the power company surpasses what you owe for your bill, they’ll pay you for the overages. Your solar panels can, essentially, work for you to provide you with some extra cash each month.
Buying solar panels for your home can be a big decision. These solar panels tend to be expensive to have installed, however, they’re investment is worth it in the long run. The above are just three of the many ways that solar panels can help to enhance your family’s financial status.
Anica Oaks, the author, is a freelance writer and web enthusiast