power has emerged over the past decade as a viable component of many residential dwellings. Homeowners look to solar installations as a way to save money through tax-incentives and reduced electric bills, as well as a way to lessen their reliance on traditional energy sources. Any consideration of adding solar to your home needs to evaluate a variety of factors that influence the design, installation, and economic benefits of such a system.
While many homeowners consider the “green” component of their decision to install solar panels, economic considerations play the more practical role. Solar installations require a significant upfront cost. Tax incentives for using renewable solar power are available from both state and federal governments. State incentives vary while the current federal tax credit for solar power systems is 30% of the cost with no limit. This tax credit is due to expire at the end of 2016; many experts recommend taking advantage of this break today. If you live in a state with plenty of sunshine and can afford the initial investment, installing solar panels in your home is a wise move.
Tax incentives are not the only financial lure for solar installations. As electricity prices, in part tied to rising fuel costs, follow an upward trend, many homeowners are looking for ways to reduce their monthly expenses. With the installation of solar system, you will lower your power bill considerably, but you likely will not eliminate it. It remains important to consider other energy conservation efforts in and around your home to reduce your monthly bill. For example, make generous us of overhangs, shades, and awnings to shield the sun’s hot rays. Also, consider planting trees near your home to provide shade while not shielding your solar panels.
Another financial consideration for those considering a solar system is an increased home value. While the data is limited across all the states, the available evidence suggests that homes with solar energy systems appreciate at a greater rate than homes without such systems. Additionally, homes with already functional systems are a greater draw in a tight real estate market. For example, in California, homes with solar power sell more quickly than homes without a system.
Solar power can save your family a great deal of money. The initial cost of design and installation offsets with a monthly return on the investment. How much this return is depends upon both the size and location of your system, as well as your current energy consumption habits. The combination of tax incentives and a monthly reduction of your bill combine to produce a time when your system has fully paid for itself. Additionally, your home will increase in value and be more attractive to potential buyers now that it houses a functional solar energy system.
The benefits of solar energy are real and tangible. However, each home presents its own challenges for design, installation, and upkeep. The important factor is to work with a suite of professionals, including builders, bankers, and tax professionals, to help you select the solution that matches your budget, your needs, and all available incentives to produce the best system at the best price.
The author of this article,Ivan McAdams, has had over 12 yrs of experience as a Solar Energy Representative. For more info concerning this topic check out
