The short answer – yes, they are. A couple years ago our answer would be different, but since then technology has caught up. You can save money by switching to solar almost anywhere in the US now. On top of that, you’ll be enjoying a wide range of benefits that we’ll be explaining in the article.
Pay less money each month and in some cases put it towards raising your home value.
Most up to date solar installers will help you finance the entire project with zero money down. Your utility bill gets replaced by a monthly investment towards the panels and in optimal conditions it can get down to about 1/2 of what you’d normally pay the utility company. Utility companies also like tacking on extra charges. They often charge extra for things like service charges, grid connection fees, transmission and more. With solar, you’re cutting that out of your cost. Instead you are paying less money monthly towards something that raises the value of your home. If you're leasing or doing a power purchase agreement, you are still lowering your monthly payment; however, your property value does not go up as much.
Federal Tax Credit and Other State Incentives!
These next couple years are the last to take advantage of the federal tax credit (ITC) for solar panel installation. A tax credit allows you to reduce the amount of income tax you owe. It decreased to 26% in 2020 and will be 22% for 2021, afterwards it decreases to 10%. Solar is the future, so it’s in your best interest to invest now and get the tax credit before it ends. Depending on your state, you may have other tax credits and/or rebate incentives that stack on top of the ITC.
Boost the value of your home while making it more attractive to future buyers/ renters.
Solar panels can increase home value drastically. At Initiate Solar, we’ve seen home values go up anywhere from $3,000 to $87,000. Panels increase home value on average $20 for every $1 saved on utilities annually. If you’re renting out a home, the cheaper cost of electricity makes your property more attractive to tenants.
Do your part in reducing our global ecological footprint.
Get on board, and get your community on board with you! Together, we can make a huge impact on the future of our planet. A 4kW (small) system of panels can save the equivalent of 135 tons of CO2, 440,000 miles NOT driven, and 2.3 acres of trees planted over 25 years. Imagine the impact if everyone in your neighborhood who qualified made the switch to solar. Set an example for your neighbors and initiate the solar movement in your community!
Solar is the future.
Solar is sweeping the nation as people realize how it’s mutually beneficial to both humans and our environment. Since 2000, the industry's average growth rate per year is 49%. As the engineering and efficiency of the panels gets better and better, the cost to install follows as well! Installation costs have been reduced by over 70% since the birth of the industry.
See what benefits you can get in your area, click QUALIFY on the main menu of our website and we'll educate you on if/how solar would work for your home. From there you'll know if it makes sense or not.