Why Go Solar – The Benefits of Installing a Residential Solar Panel System

There are plenty of incentives for households to get excited about. You can acquire free energy from the sun’s rays. You can save on significant utility bills. More and more people are finding this idea appealing. The NREL, or National Renewable Energy Labs has stated that there are now 45 times more households that have solar panels installed in them.

The proliferation of solar panels could be due to a number of reasons. Incentives such as getting tax credit worth around 30 percent of total solar panel installation costs are one. Excellent financing plans that eliminate the burden of startup installation costs on solar panels could be another. Last but not the least, the production of solar panels have been soaring over the past few years, thanks to countries such as China. So, how does one harness the sun’s power to provide electricity? What are the benefits of getting a residential solar system?

The Power of the Sun

Going with solar panels means you use the sun’s rays to power your home, but it doesn’t necessarily mean you can live off the grid. One popular option is to have your solar company install a two-way meter, or net meter, that will still let you get juice from the electric company. The solar panels will eventually give you more power than you’ll need, and the two-way meter lets you put electricity back to the grid. The electric company then pays you for the energy provided. Eliminating all electricity costs is possible, but the more likely scenario is that you use your residential solar panel system to generate up to 90% of all the power you’ll need.

The power of the sun is limitless. Installation of solar panels is now possible with a combination of both financial incentives and the cost of electric rates in your area.

Don’t forget that one of the standout features that you can get from solar panels is that you won’t have to worry about energy hikes, especially electricity rate hikes. When you install a solar system, you get locked in at the lowest possible rates due to the nature of solar power. Homeowners will no longer have to worry about stretching their monthly budget when an energy rate hike goes on. You won’t have to sacrifice some of the household necessities such as food, groceries, clothing or monthly rent/ mortgage when you install a panel that provides a stable, low rate. Monthly budgeting becomes more efficient and predictable. You’ll potentially have more money at the end of the month you can put to the bank.

The Benefits of Solar Panel Systems

A typical solar power system can cost up anywhere from $12,000 to $30,000 depending on the scale and need for residential power. The federal tax credit you’ll receive for solar panel incentives are already factored in. When you do the math and check for your local electricity rates, you’ll quickly find that you can save up around $100 to more than $200 on utility savings per month. The figures are for the average electric bill per household. All things considered, you will have the potential to get back the investment costs on installing solar panels in about 5 to 10 years at most. If are a homeowner and are not planning to move anywhere sometime soon, this becomes an excellent alternative.

But now there’s an option to get a solar lease, which eliminates the need to pay huge installation costs to get a solar panel system running. With a solar lease, you will not need to shell out money right from the start. A solar lease happens when you contact your solar company and have them do a solar panel installation, then pay a smaller monthly fee or get charged a discounted rate for when the solar panels generate power. You won’t be able to get the benefits of an upfront installation in terms of tax breaks, loans or any rebates, but cheaper electricity will be had right then and there. You still save on typical electric utility bills by about 15 to 20 percent, which translates to around $20 to $40 per month. The solar companies may also sweeten the deal by providing a maintenance contract for the lease.

Solar loans also give homeowners the perks of having a solar panel installation lease without upfront costs, and often with bonus maintenance contracts. Most people are sure to get greater savings as they consider having solar panels power their homes. Just to give you an idea, most loan interest rates are somewhere between 3 to 7 percent for the 10 and 20-year loans. When you factor in all the numbers and do the math, you can still come out on top. Residents can potentially save up to 60%, or anywhere from $50 to $120 per month as long as they put the tax credits as payment for the loan. When the loan is paid off, you can stand to gain more benefits because the solar panels are tough and they can be used for 25 years or more.

Last but not the least, installing solar panel systems in your home immediately increases your property value by a significant margin. If the time comes and you need to sell your home, people will be more likely to view your solar panels as a bonus and most of them are willing to pay a premium for it. Real estate agents factor in solar panel installations in the overall value of a home. The idea here is that future owners won’t have to go through the trouble of installing new panels because one is already there. They save money and get free energy.

About PowerScout
Formed in 2014, PowerScout was founded on the principle of leveraging leading edge technology to reduce the cost of clean energy and make it easier for people to bring into their lives. For more information visit powerscout.com

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