Is solar energy expensive? People associate alternative energy sources with heavy price tags. Solar panels are often assumed to be for certain tax brackets and unattainable for most people. Here are four reasons showing why this myth is truly not the case.
Cheaper Than Regular Energy
Where prices for fossil fuel energy have risen on average 3% over the past 10 years, solar energy has rapidly reduced in cost. In 2017 the cost of solar energy was only beaten by wind energy. Solar is significantly more accessible to people in both cost and practicality, so undoubtedly the better option.
Prices for energy can increase depending on whatever energy company is linked to your area. Very few sites have options for where their energy comes from and therefore are at the mercy of electric companies. Solar energy, however, is as abundant as the sun. Depending on the weather in your area, your savings from regular energy sources could outweigh the cost of solar panel installation in just a few years.
Increased Resale Value
Solar panels are a durable and long-term investment. Having them pre-installed on a building will be incredibly attractive to potential buyers. The cost of solar installation has decreased at least 50% since 2010, with the value they bring to a home only rising with increased popularity. Solar panels are an affordable investment that will be universally appreciated.
Buyers understand the amount they will be saving over the years on energy bills when solar panels come pre-installed in a home. Additionally, the use of green energy will make the home appear highly updated even if no other work was done. As a seller, you will be able to increase your asking price significantly just by having solar panels installed. The resale value of a property dramatically increases by having solar panels.
Tax Credits
The Federal Solar Tax Credit was at 30% for the 2019 fiscal year. For the year 2020, you could deduct 26% of the total amount spent on solar panel installation from your tax bill. There is no upward limit for this amount and is a dollar for dollar reduction due to its status as a credit.
You are literally given money for an investment that will save you lots of money on bills over the years. Tax credits can change year to year, so it is important to take advantage of the Investment Tax Credit while it is still a program.
Warranties
Many solar panels are only fully covered under warranty for 7 to 10 years. However, we offer 6-point, 25-year warranties on parts and labor, which include solar panels, inverter, racking roof, workmanship and performance guarantee. Also, these warranties are transferable in the event that ownership of the panels changes. Having such a high standard for performance as well as a generous warranty package, there will be no worries about new solar panels. For more details, check out our full solar panel warranties page. We are able to offer these enhanced warranties because of our highest level of certifications with the likes of Panasonic Solar, Enphase, Unirac and Tesla Energy’s Powerwall home battery storage.
Overall, solar panels end up being an economically superior choice within a few short years. The investment in solar will increase the value of your home, decrease the utility bill, and provide a hefty tax credit upon installation. These financial factors are a small aspect of why solar panels are a viable and preferable option.
