Exactly how much your solar panels will save you on electric bills depends on a variety of variables. How large your solar power system is compared to your overall electricity usage is the main variable. You will also need to consider that each city has a different price tag for electric services. You will still use some power from the grid, but the energy you do use will be in a lower pricing tier. Qualified installers can provide an estimate on your solar power needs based on your current usage.
Increased Resale Value
Solar panel installations are known to increase the resale value of homes, especially in states like California. Solar power will also increase the rate of appreciation on your home. Though figures aren’t as readily available for other states, the benefits are comparable in many areas. Buying a home with solar power is a great investment as well because you’ll enjoy long-term energy savings.
Government Tax Incentives
Tax incentives for using renewable solar power are available on both the state and federal level.
Incentives from the state are determined by each state, so the return you receive from your state will vary according to where you live. Some states such as Arizona, offer as much as a 25% tax credit up to $1,000, and solar panel purchase are 100% exempt from sales tax. Find out what state incentives may be available to you.
The federal government currently offers a 30% tax credit for solar power systems. Rentals do not qualify for this credit, but both new and existing construction projects are eligible.
Experts are advising to purchase now for maximum savings, as this tax credit is due to expire at the end of 2016.
The typical manufacturer’s warranty for solar power systems are between 25 to 30 years. Many variables can affect the lifespan of your solar panels, including the climate where you live. But with the right care and maintenance, panels may last up to 40 years.
That said, maintaining your solar panels properly requires infrequent and minimal attention. In many cases, you can do the job yourself, which means more cost savings for you.