Are Solar Panels Overrated? 3 Benefits to "Going Solar"

Are Solar Panels Overrated -  3 Benefits to Going SolarMany homeowners are choosing to go solar. With all of the benefits and incentives offered to people who make the choice, it’s no wonder homeowners have no problem taking the plunge. Once you learn about the benefits that are in store, you may find it is time to invest in this alternative that just keeps growing in popularity.

The Financial Benefits

Without getting into all of the math and specifics, almost anyone can save money by going solar. Anyone who pays an electric bill that is $100 or more can save money. It’s even possible to save money when financing a solar system. In fact, people who choose to finance a solar system can immediately start saving money. Households that use Vivint in Cedar Rapids IA have been able to lower their monthly energy bills by installing solar panels, and have even made money by “selling back” their energy to electric companies. Many homeowners have been able to obtain three to four times the amount of money they paid for their solar panels, but obviously, the savings are earned over time. Going solar will make it possible to eventually pay absolutely nothing for electricity.

Protection against Rate Increases

One of the problems with paying the utility company for electricity is the price. When the cost to produce electricity increases, utility companies pass the cost to their customers. By going solar, homeowners can avoid rate increases. Whenever utility companies raise their rates, homeowners who’ve went solar will save even more money. By going solar, homeowners are basically locking in the current price of electricity. Put simply, going solar enables homeowners to create a barrier that protects against rate increases. It’s not a matter of if rate increases will happen; it’s a matter of when they will happen. According to Raleigh home security experts, over the last 30 years, the cost of electricity has increased by about 5 percent a year. During some years, rates increased by over 50 percent.

The Incentives

Another great reason to go solar is for the incentives. There are numerous federal tax credits, which homeowners have access to. Homeowners can also obtain utility rebates, which can pay for a huge portion of the cost to install solar panels. Depending on where someone lives, the state might offer additional benefits. Although many people think it’s hard to locate and use federal and state tax credits, it’s becoming easier in this day in age. The government is offering numerous tax incentives to people who purchase and install solar panels. In most cases, tax credits could be as much as 30 percent, and the government is offering these credits for both residential and commercial solar panel systems

If you are considering installing solar panels at your home, all you need to do is weigh the cost and the benefit. The benefits above often outweigh the cost of installation, especially considering that with the money you save on energy bills, the panels will eventually pay for themselves. If you have done the research and are still debating the installation, talk to those you know that have solar panels at their home—get the real story on living with solar panels.