You might think that installing solar panels in your home will cost you a lot of money. In reality, there are several reasons why solar panels are an excellent investment. Clean energy, property value, and air pollution reduction are just a few benefits of solar power. These reasons are enough to convince you that a solar panel system is a right choice for your home.
You might qualify for a tax break if you have solar panels installed on your home. You can use the credit to offset some of the federal taxes you owe. These credits are valid for two years. In the first year, you can claim the credit for up to $2,000; in the second year, you can use it for up to $8,000. The credit can be carried forward into future years. Make sure to save all receipts and certification statements.
If you have a system installed in your home, you may be eligible for tax credits worth up to 30% of your electricity bills. If you do not use solar power in your home, you can carry it over into the next year. The tax credit does not apply to leased or solar heating systems for swimming pools or hot tubs. Additionally, homeowners cannot claim the tax credit if they rent their homes. However, vacation homeowners may be able to claim a credit for solar energy.
In addition to providing clean energy for your home, solar panels can also increase the resale value of your home. Most homeowners experience a $5,911 resale value increase for every kilowatt of installed solar power. This means that a 3.1-kilowatt system could raise the value of your home by nearly $18,000.
Solar power is also much better for the environment than other forms of power. Conventional energy sources produce large quantities of greenhouse gases, water pollution, and toxic wastes. Solar panels are a great way to reduce your household’s carbon footprint and dependence on energy companies.
In addition to reducing your electric bill, solar panels can also increase the value of your home. This increase varies depending on your state and other real estate market factors.
Air Pollution Reduction
Installing solar panels in your home can help reduce air pollution, which can cause a variety of health problems. The fossil fuel industry generates a large amount of particulate matter, sulfur dioxide, and nitrogen oxides, all of which contribute to acid rain and smog. These pollutants can also affect a person’s lung function and heart health.
Solar energy also reduces our carbon footprint, which helps prevent climate change and improves human health. Conventional energy sources such as coal, natural gas, and nuclear power emit carbon dioxide, which is harmful to the atmosphere and can contribute to respiratory illnesses. Solar panels can help you reduce your carbon footprint by as much as 3,000 pounds per year. You’ll also reduce air pollution by reducing your carbon footprint, comparable to planting 150 trees.
Increased Resale Value of Your Home
Installing solar panels in your home can increase the resale value of your home. A 2008 study shows a direct link between increased home value and reduced energy costs. According to this study, an average home increases value by $20 for every $1 reduction in utility bills.
According to the National Renewable Energy Laboratory, solar panels can add $10 to $25 to the value of a home. This translates into a larger profit when you sell your home. The research found that homes with solar panels are sold for 4 percent more than homes without. This translates to an average $8,000 increase in value.
Another advantage of solar panels for your home is reducing your electric bill. Many first-time homebuyers are concerned about monthly utility costs. They must pay electricity and gas bills each month. Installing solar panels will not only make your home more energy efficient but will save future owners a lot of money on their energy costs in the future. But not all homeowners are aware of these benefits.