Some may worry that going solar isn’t a good investment, but solar power pays for itself and is cheaper than you might think!Some may worry that going solar isn’t a good investment, but solar power pays for itself and is cheaper than you may think! There are many reasons people think solar power is a poor investment. Some worry the up-front cost is too great, though there are multiple ways to make up this cost. Others worry that it might be cheaper to keep paying their normal utilities, especially if cloudy days keep their panels from producing at their peak. These concerns are understandable, but the truth is much brighter for anyone interested in solar power.
Cheaper Than You Think
Solar systems do have a significant up-front cost when counting panels, installation, and activation. Fortunately, the cost of solar arrays is normally less than the sticker price you might see online or get in a quote. Through 2019, the U.S. government offers a 30% tax credit for solar panel systems! This tax credit significantly helps reduce the cost of solar installation, making it even easier and cheaper to switch to clean, independent power. Claiming this tax credit simply requires filling out an IRS form.
Paying For Itself
Home solar panels save you money every month, starting as soon as they’re installed and powering your house. The initial cost of installing solar is more than your yearly utility bill, but the solar panels start paying for themselves year by year as your electric bill is consistently cheaper. The average Virginia household spends almost $1,500 per year on electricity, and installing solar can start using this saving to pay off the panels.
Installing solar can also increase the resale value of your home! Nationwide, homes with solar installed are worth 4% more than homes without a solar array. Houses with a 5kW solar array have an average asking price $20,000 higher than other houses. If you might ever sell or re-finance your home, your solar array will help you get extra value. This is another great way your solar installation pays for itself, and makes up for the initial cost.
In short, solar panels don’t have to cost as much as people might think. Even better, your solar panels would pay for themselves by lowering your annual electric bill, and increasing the value of your home. Start going solar today, since cheap, clean energy is always worth it.