Would you like to make your power supply more stable? Installing solar panels can provide the power backup you require. Solar panel financial rewards can be significant, with homeowners often able to recover the cost of a solar panel installation in a few years. Federal and state tax credits and cash payments from utilities can make going solar a lucrative investment. Solar panels prices have also fallen in price recently. What financial rewards do you get from deploying solar power?
1. Lower and Predictable Power Bills
If you have a solar power system, the amount of money you spend on electricity will be lowered greatly. A solar panel system can reduce the amount of electricity you consume, thus reducing your power bill. Solar power gives you control over your power supply, making your bills more predictable and lower.
2. Earn Power Credits with Net Metering
If you have a solar power system, you can earn money by selling your excess power to an electric company. This is called net metering. When most people use their air conditioners and other appliances, power demand rises and tariff rates are higher. The good news is that by selling your excess power during these times, you will earn credits that can offset higher prices for electricity during other times of day, months, and seasons.
3. Enjoy Tax Incentives
You can benefit from a federal tax credit of a certain percentage of the cost of your solar panel system. You should also check whether your state has solar tax benefits. The solar power tax credit is an incentive that makes solar panel systems more affordable for homeowners.
4. Offset Time-of-Use Rates
If you use your excess power to offset higher electricity rates, you will save money on your power bill. If you use a time-of-use rate plan, then you can save even more money by using your solar power system to offset peak demand times when electricity rates are highest.
5. Boost Your Home's Value
If you have a solar power system, then your home will be worth more than homes that do not have one. Most people want to live in environmentally friendly and energy-efficient homes. A solar panel system will help you achieve these goals, making your home more valuable in the process.
Would you like to make your home greener and better? Talk to an electrician about installing solar panels for backup.
Share28 February 2022
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