You may already know that using solar power can lower your energy costs and carbon footprint, but what are the other benefits of solar energy?
Well, many homeowners are now discovering that going solar can also increase their home equity.
If adding to the value of your home sounds appealing, here’s how installing solar panels can help.
What Are the Benefits of Solar Energy?
First, let’s look at some of the better-known benefits of using solar energy to power your home.
Lower Energy Bill
When you generate your own power, you use less electricity from your local utility provider, saving you money. This results in a reduction in energy costs. Depending on where you live, you may even be able to sell the surplus power you create to your utility provider.
The federal solar tax credit gives eligible residential and commercial solar systems owners a 26 percent deduction of solar installation costs on their federal taxes. There isn’t any limit on the amount you can claim, but the tax credit expires in 2024 unless Congress extends it again.
Greenhouse gases trap heat in the atmosphere, resulting in longer, more frequent droughts and more severe tropical storms due to warmer ocean water temperatures.
In comparison to other energy sources, solar energy does not emit greenhouse gases or harm the environment. So, if you’re an environmentally conscious homeowner, solar panels are an excellent investment.
A power outage can become more than a mere inconvenience when it lasts beyond a few hours. While solar energy systems don’t function when the power is out, you can still keep your essentials powered if you’re prepared. With a battery system, you can store electricity and have backup power during emergencies or power interruptions.
Adding Solar Panels Is a Common Way to Increase Home Equity
So, what are the benefits of solar energy when it comes to home equity?
Research shows that adding solar panels can increase a home’s value and make it sell for 4.1 percent more than properties without solar power.
Future energy bill reductions are one reason home purchasers are willing to pay a premium for solar homes. There’s also a demand for energy-efficient home features.
Solar power is now much more affordable than it was a few decades ago, and it is now competitive with fossil fuels in terms of price and efficiency. Furthermore, the demand for clean power in the U.S. continues to grow rapidly as solar installation costs continue to decline.
If you’re wondering how to increase equity in your home, investing in solar power is a smart way to do it.