Non-renewable electricity is expensive and continues to rise year over year – 2% or more in some areas of the United States. As these types of electricity get less attractive to homeowners, more and more households are turning to renewable forms of energy – the most popular option being solar power.
Energy from the sun costs nothing and once a home solar power system is in place to harness this ever-lasting power source, it results in savings month over month and year over year. In fact, the average household in the U.S. saves $1,100 to $2,000 per year, and factor in that a typical 6kW solar system lasts for more than 25 years – you can see how the vast savings can accumulate in a hurry.
So what would you put your solar energy savings towards? Below are 5 ideas that would help to advance your family’s financial situation:
- Pay off your mortgage quicker – Are you tired of paying out hundreds or thousands of dollars each month in mortgage interest? Imagine being able to pay an extra thousand or two per year to pay down your mortgage’s principal faster. It would help to reduce the amount of interest you pay per month and work to pay off your home’s mortgage quicker.
- Allocate money towards your children’s education – If you have kids, you likely think about their future and quality education is a big part of that equation. If you can start putting more money into their education funds, that will amount to more money at their disposal when it’s time to pay for college or university.
- Pad your retirement fund – You work hard now but one day want to relax and enjoy retirement, and likely the sooner the better, right?! Being able to add to your retirement money and receive more interest means that you can either retire sooner than your current expectations or retire with more savings.
- Pay down debt – Do you have credit card, line of credit, vehicle, or other forms of debt that stresses you out? By saving money through the help of a residential solar system you can take all or some of the savings and pay down your debt quicker.
- Make improvements to your home – Do you have some renovations that you want to undertake but don’t have financial resources to make it a reality? Savings that stem from a solar system can be used as an investment to improve your home or property. Plus, if you are planning to sell your house in the next few years, then the enhancements you make can help to increase the sale price beyond what you put in to add even more money to your bank account.
If you have any questions related to solar systems or want to know how much money you can save annually on your home’s energy use, then be sure to contact us – we would love to hear from you!
Additionally, if you’re already interested in buying a solar system for your home and want to see if you qualify, simply click here.