If you’re thinking about installing home solar panels and a home battery, now is a great time. Solar energy is more affordable, accessible, resilient, and efficient than ever. Here are five benefits of solar energy that matter the most.
1. Take Charge of Your Electricity
Home solar panels and batteries help you become independent from traditional utility companies. They keep your electric bills consistent and give you backup power during grid outages. Electricity costs have increased by more than 15% over the past ten years, which is expected to continue.
Solar service agreements offer fixed, affordable rates usually lower than regular electric companies, saving money. In some areas, solar-powered batteries can protect you from high electric rates that change based on demand. A solar and battery system can help you avoid paying more during peak hours and save money. Also, a solar-powered home battery keeps your electricity on even during blackouts. It matters because Florida has experienced power outages due to outdated and old infrastructure.
2. Boosts Property Price
Another benefit of home solar and batteries is that they boost your home’s value. Across the U.S., solar panels increase a home’s value by an average of 4.1%. If a house is valued at $500,000, it could see a $20,500 increase.
The exact value increase varies depending on each installation and property. Still, recent studies show that for every kilowatt of solar panels installed, there’s an average increase in resale value between $4,020 and $5,911.
On average, rooftop solar installation and battery costs are typically recovered when the home is sold. Additionally, households that invest in solar benefit from lower energy bills and tax incentives, which can cover the system’s costs multiple times during its warranty period.
The time a solar-powered home spends on the market can vary by region. Generally, homes with solar panels sell 20% faster than those without.
The numbers speak for themselves: Installing solar panels at home is a wise investment. Whether you’re upgrading your home for a future sale or planning to stay, property values usually increase significantly.
3. Provides Green, Renewable Energy
Using solar energy at home offers clean, emissions-free power. Solar power can stop up to $170 billion in environmental and health harm and save over 30,000 lives by cutting air pollution. Families in states like Florida can cut their carbon footprint by switching to renewable energy like solar panels. It reduces emissions by nearly 5,000 pounds of coal each year.
Home solar power has immense potential. If we could collect all the sun’s energy for just one hour, we could power the whole world for a year. When you cut your carbon footprint, you’re helping to stop harmful emissions from burning fossil fuels. Renewable energy technology is vital to a cleaner, brighter future for all.
4. Making Solar More Affordable
Costs have decreased significantly, with home solar systems dropping by over 70% in the last decade alone. Similarly, prices for home solar batteries have also experienced a significant reduction.
However, despite these declining costs, the initial out-of-pocket expenses can still be substantial. Adopting clean energy sources like home solar is imperative for preserving clean air, ensuring dependable power, and protecting our communities.
5. Tax Breaks & Cash Incentives
Many people either finance solar panels and batteries or purchase them outright. The cost of solar panels varies. Depending on your location, you can offset much of this cost and recoup it swiftly through incentives such as the federal solar tax credit, local rebates & net metering.
Net Metering: When your solar panels produce extra power, it is sent to the grid, and the electric company pays you for it. You can use that payment to reduce your electric bill, even when you use more electricity than your panels produce.
SREC: Solar Renewable Energy Credits (SRECs) help solar system owners earn money. Electric companies in states with a Renewable Portfolio Standard (RPS) buy these credits from solar owners to meet renewable energy requirements. Owners can sell SRECs through platforms like SRECTrade, making earning from their solar energy easier.
Federal Investment Tax Credit (ITC): The Investment Tax Credit (ITC) has been updated and extended. For PV systems installed between 2022 and 2032, there’s now a 30% tax credit. It decreases to 26% for installations in 2033 and then to 22% for those in 2034. The ITC now covers solar+storage equipment expenses, including storage devices with a capacity rating of 3 kilowatt hours or more. It makes pairing storage with solar more beneficial. This is an area where Tampa Bay Solar excels. These tax credits significantly lower the cost of installing rooftop solar panels in homes, saving over $7,500 for an average per system.
Tax Exemptions: Your state or city might offer tax breaks on property or sales. Solar systems can average your home’s value by up to $15,000. So, if you move, you’ll make more money. Also, depending on your state’s sales tax rate, you could save a lot when buying a solar system.
Performance-Based Incentives (PBIs): Your state or electric company may provide performance-based incentives, known as PBIs. These incentives compensate you with credits for the electricity your solar system generates.
