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Originally Posted On: https://www.iacquireexpert.com/the-financial-benefits-of-solar-panel-installation/
If you’ve ever considered installing solar panels on your roof, you’re not alone. The number of Americans who embrace solar energy is increasing rapidly. And that number is expected to grow even more in the years to come.
Why the growing popularity of solar energy? For starters, there are plenty of practical financial benefits to consider!
Are you on the fence about installing solar panels in your home? If so, it’s time to learn more about the many hidden benefits of having solar energy in your home.
Keep reading, and we’ll walk you through some major financial benefits of solar energy!
Financial Benefits of Solar Panels
Solar panel installation offers a variety of financial benefits. These include the following:
Reduction of Monthly Energy Bills
Solar energy is a free, renewable, and clean energy source. During available sunshine hours, solar panels absorb the energy and convert it to electricity. This can drastically reduce energy bills, thus helping you save money.
Though the initial installation cost of solar panels may be steep, the end result is significantly lower energy costs. On average, families save up to 20% yearly on energy bills after installing solar panels.
Access to Tax Exemptions
Access to tax exemptions can be a great financial benefit for installing solar panels. In many cases, property owners can receive federal tax credits when they install a solar energy system. This system can provide up to 30% of the cost of the installation, depending on how much the total cost.
At the state level, there may also be incentives, such as a sales tax exemption or a rebate, depending on the location. Some states may even offer a tax credit if you connect your new solar installer to the electric grid.
Additionally, you may be able to take advantage of deductions depending on the solar energy system you select. These tax breaks can help you offset some of the installation costs, effectively reducing your investment in a solar energy system in the long run.
Earn Renewable Energy Credits
By installing solar panels, you can reduce energy bills and earn Renewable Energy Credits (RECs). RECs are tradable commodities representing renewable energy resources’ environmental benefits as verified electricity metering.
By selling RECs to utility companies or certain customers, a person can be rewarded for the environmental benefits they are creating. This can be an excellent financial opportunity as renewable energy certificates can be worth hundreds or even thousands of dollars.
Switch to Solar Energy Today
The financial benefits of solar panel installation are real. Not only are there incentives from governments in many countries around the world, but the installation process will quickly pay for itself. You’ll continue to generate savings for years afterward.
With the combination of rising electricity prices and incentives to use renewable energy, now is the perfect time to consider taking this step toward greener energy.
Speak to a solar panel expert in your area to discover what savings are available for you. Don’t wait until it’s too late; switch to solar energy today!
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