Solar energy is something that you’ve no doubt heard about. Since as early as the 7th century B.C., humanity has been harnessing the sun’s energy for survival and development.
In ancient times our ancestors learned how to direct the sun’s energy through a magnifying glass to start fires for cooking and warmth. Eventually, sunrooms were created and are still used today to capture the sun’s warmth. Some cultures revered the sun as a God.
Today we know that solar power is a source of renewable and cost-effective energy and a cleaner alternative to fossil fuels. Solar energy has become easier and cheaper to produce and is now being utilized by homeowners across the US. As of 2019, over 2 million solar systems have been installed in the US alone.
You may be wondering if solar energy is for you? What are the benefits of homeownership? You may have other questions related to cost, such as what are the actual savings?
While it’s difficult to predict exactly what your savings will be without knowing the details of your situation, there is one thing you can count on: the higher your electric bill, the more savings you will experience by going solar as a homeowner.
As a homeowner, not only does installing solar panels add to the value of the home (up to 20 percent), but homeowners see a breakeven point at the 3-year ownership mark, and even that can be offset by financing.
In some areas, homeowners are also able to get paid for additional solar power that they don’t use. This is something you can verify with your local utility company.
Aside from the above-mentioned benefits, there is the investment tax credit. In 2021 the investment tax credit (ITC), also known as the federal solar tax credit, allows homeowners to deduct 26 percent of the cost of installing a solar energy system from their federal taxes. The ITC applies to both residential and commercial systems, and there is no cap on its value.
The cost of solar continues to go down, making this a worthy investment in your home as well as our collective home through renewable energy use.
The next best advice we can give when going solar? For the most savings, we recommend you shop around to get the best solar energy system and financing for your situation.