If you care about the environment and want to save money, you’re in luck. Solar energy has come a long way since its inception in 1973 when the first residential solar panel was introduced.
Still, many people wonder about the benefit of harnessing the sunlight. You might wonder about the cost and aesthetics. Is going solar worth it?
Keep reading to learn the pros and cons of going solar.
Is Going Solar Worth It?
Ask yourself about your end game when looking at solar energy. Do you just want to save money? Are you looking for the cheapest form of energy?
Or do you have a real love for your environment and want to find the most cost-efficient way of supporting your passion? Good news: you can save money and the earth at the same time.
Benefits of Going Solar
You ultimately save money by going solar.
The federal government recognizes the environmental benefits of having more solar-powered residents. So the government rewards those
who use solar energy systems.
New York residents who use solar energy systems are eligible for a Federal tax credit of up to 26 percent of the cost of the system. This credit has no cap.
Additionally, New York residents using solar energy are eligible for a New York State tax credit of 25 percent with a cap of $5,000.
Thus, after all the savings, residents who install solar energy systems will receive subsidies equal to around 60 percent of the cost of the entire system.
Your savings depend on three different factors:
1. Electricity Rates: If you have high electricity rates, you will see greater savings with solar energy panels.
2. Local Financial Incentives: If you live in a place that offers sweet financial incentives, like federal or state tax subsidies, then you’ll save even more money.
3. Solar Financing: You can pay for your solar energy system one of three ways: cash purchases, solar loans, and solar leases. The value and return vary on each of these, so the amount of money you save depends on the way you finance your system.
Overall, experts estimate individuals save on average up to $20,000 over a 20-year period.
Plus, solar panels increase your home value. The same long-term energy savings, environmental benefits, and tax deductions that save you money save your buyer money and thus make your home an enticing residence.
Experts claim that solar energy systems increase the value of your home by 4.1 percent on average.
Cost of Going Solar
Solar energy systems do cost money. On average an entire solar panel system to run your home will cost around $30,000.
On a positive note, though, solar panels have a life span of 20-30 years but can last up to 40 years if you treat them well.
Furthermore, energy experts claim you can recoup the cost of your solar energy system within seven years of installing it.
You may also wonder about how the aesthetics of solar panels affect your home. Solar panels fit neatly unto a roof, and only the local drones and birds can see the difference. These are not the bulky panels of the 1980s.
Because of their popularity and increased value, solar panels have grown greatly in popularity. In fact, New York City was recently listed as the top city for solar
Look to the Sun for Savings
So, is going solar worth it?
Now that you’ve evaluated the pros and cons of going solar, you can make an informed decision and embrace the sun.