Top 5 Economic Benefits of Going Solar

Top 5 Economic Benefits of Going Solar
July 18, 2023

Using solar panels is a great way to move into the 21st century

In the last few decades, solar energy has gone from a frontier technology to a cost-effective solution for the customers.

Solar panels have the potential to be a primary means of power generation for the entire nation. Moreover, it could be an ideal way for developing countries to come forward as modern industrialized economies. 

Making a switch to solar energy can be the best decision for a nation and its people. A nation can develop in a better way if all the homes decide to go solar. Solar panels are a great way to avail a host of economic benefits.

Read These Economic Benefits if You are Thinking of Powering Your House With Solar Panels:

A Dramatic Drop in Your Electricity Bill

Does it feel like your electricity bills get higher and higher? Various studies showed that electricity bills have risen by 16% over the past ten years

The decision to install solar panels can help you avail of various economic benefits. Going solar can be an ideal decision to lower your electricity bills. With a solar power system, you will generate free power throughout the lifespan of your system. There can be several factors that can help lower your monthly electricity bill when you go solar. These factors include overall electricity consumption, size of your solar panel system, size, and angle of the room.

Moreover, the concept of a net metering system further helps in reducing your electricity bills. 

Net metering is a process in which an electricity board keeps track of energy generated and consumed by a solar-powered house. A consumer can feed surplus solar power into the state’s power grid and receive a credit on their electricity bill. 

Efficient Return on Investment

Can I get quick and ideal returns on my solar panel system? 

Well, this question is common to ask by a homeowner. The solar panel is an investment that can give you maximum return in the long run. You usually start getting the average return on solar investment in five to seven years. However, the cost of electricity bills immediately starts reducing when you install solar panels. This is considered the first step in reaping the economic benefit of solar panels

How to Calculate the Return on Your Solar Panels? 

Before you decide to purchase a solar panel system, it is important to calculate the return on your solar panels. Hence, the starting point to calculate solar ROI is to know how much you pay for electricity now. Most solar installers will ask you to send your utility bill. As the energy usage fluctuates several times during the year, you can make accurate estimates by calculating twelve months of energy usage history. 

Increase Your Property Value

Do solar panels increase your home value? It turns out to be a resounding yes. 

A potential home buyer prefers to buy homes where solar panels are installed. The first thing a buyer does is to consider monthly electric bills when purchasing solar panels. Checking the electricity bills will give you a clear picture of the efficiency of the solar panels. Installing a solar panel is viewed as an upgrade for your home, and homeowners across the country are willing to reap the economic and environmental benefits of a solar.

Also Read: Solar Power Increase Your Commercial Property Value

How much do solar panels increase the value of your homes?

A study showed that solar panels could raise your home value by 4%. How much of your home value is increased generally depends on each kilowatt of solar panels installed. However, the real value of your property generally depends on the location of your home. Moreover, other factors like geographic location, local solar installation prices, and system output can affect the price of your property. 

Also Read: Solar Energy Improve the Value of Your Property

Enjoy Rebates and Tax Credit Incentives

It is among the most vital economic benefits offered on solar panels. Federal, state and local government offers various rebates and tax benefits on solar installation. These rebates encourage homeowners to install solar panels in their homes. Moreover, the cost of your solar panels goes down with these incentives.

Various tax incentives available on solar panels are:

  • Federal Investment Tax Credit [ ITC]: It is a tax credit where you get back 26% of the amount of your solar panels in the form of taxes. It offsets what you pay in the form of taxes and even acts as a refund in certain cases.
  • State Tax Credits: State tax can vary from state to state. It is an additional advantage on your solar panel systems.
  • Cash Rebates: Some municipalities and utility companies offer up-front rebates for installing solar panels. These rebates reduce your system’s cost by 10-20 percent. 

Boost Your Energy Independence

As we all know that the sun is a never-ending source of energy. Installing solar panels is an ideal way to stabilize your energy cost and make yourself more energy independent. 

Solar energy systems can function at a remarkably low cost after the initial investment is made. This can lower your electricity bills and ultimately help you in the long run. In this way, it will give you add-on economic benefits.

Why Choose Aus-Brite Solar?

Aus-Brite Solar offers the most effective renewable energy solutions to all households in Australia. Our solar installers provide the best solar deals in Sydney, NSW that suits your personal energy needs.

Contact us today and step into the world of clean and green energy.

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