University Buzz

7 Financial Benefits of Utilizing Solar Power


7 Financial Benefits of Utilizing Solar Power

Photo : 7 Financial Benefits of Utilizing Solar Power

Electricity is required for powering your home. Unfortunately, with more people than ever working remotely, electric rates and bills continue to rise to all-time highs. 

Analyze the money-saving advantages of alternative energy, specifically solar power, to recognize how it could transform your life and budget. 

Here are 7 financial benefits of utilizing solar power: 

1. Earn Monthly Savings

Utilize solar power to earn monthly savings through a process known as net metering. 

Net metering refers to the billing system that credits owners of solar power systems for the electricity they contribute to the power grid. Excess electricity created by your solar panels is fed to the grid, and the electricity supplied is deducted from your monthly electric bill, effectively reducing your overall expenses.

Access long-term savings by purchasing solar panels to earn between $10-30,000 over the lifetime of your solar power system.  

2. Receive Tax Incentives 

Owners of solar power systems receive excellent tax incentives. 

A homeowner can earn approximately 25-30% of the installation costs back on federal taxes through investment tax credits. People are often uninterested in installing solar panels due to the steep installation costs ranging from $10-20,000; however, solar tax credits assist in limiting the initial investment to benefit homeowners.

Save money on installation expenses by understanding potential tax deductions that'll boost your budget.

3. Recognize the Long-Term Value 

Recognize the long-term value of investing in solar panels.

A properly treated and maintained solar power system will provide regular savings for years to come because solar panels have a life expectancy of 25-30 years. Solar panels can even last longer operating at about an 80% efficiency rate. Consider the long-lasting results when purchasing solar panels and justifying the installation costs. 

Ensure you select a worthy investment by installing solar panels that'll provide long-term value. 

4. Increase Property Value

Solar power offers an amazing financial benefit by increasing property value.

Depending on the location and system size, homeowners can earn up to $20,000 in property value for every $1,000 reduced in operating costs per year.

Additionally, a complete solar power system is viewed as an upgrade, similar to a renovated kitchen, meaning homebuyers are willing to pay about $15,000 more for homes with pre-installed systems. On average, a home's resale value is increased by $5.50 to $6.40 per watt.

Boost your property value with a quality solar power system.     

5. Guarantee A Cleaner Environment

Encourage a cleaner environment by employing solar power.

Traditional forms of electricity, including fossil fuels, emit carbon dioxide and other harmful gases into the atmosphere, which pollute the air and advance global warming. Solar power offers a green, renewable alternative by avoiding detrimental practices and harnessing the sun's free and natural energy. 

Climate change is a devastating occurrence that harms the planet and limits the future. According to an article published by Forbes, renewable energy, such as solar power, could save $160 trillion in climate change costs by 2050.

Guarantee a better tomorrow by utilizing solar power in your home. 

6. Stimulate the Economy

Solar power proactively stimulates the economy. 

Numerous opportunities and jobs are available working in solar power, including research, development, manufacturing, installation, and maintenance. Currently, solar power supports over 242,000 jobs. As the popularity of solar power increases, the workforce demand is expected to grow. 

Support solar power to stimulate the local economy and inspire growth. 

7. Seek Inexpensive Alternatives 

Seek inexpensive alternatives to solar panels to further benefit financially. 

Community solar is an excellent opportunity to receive solar power.

A community solar project is funded and operated by a third party. By installing numerous solar panels in a certain area, interested customers are able to lease solar energy from the solar farm. Electricity generated through the community solar project is delivered to the power grid and distributed to homes and businesses by the local utility. 

Advantages of community solar include: 

  • Guaranteed savings of at least 10% on your monthly electric bill 

  • Bypassing the installation costs and concerns

  • Reducing your carbon footprint drastically 

Find an opportunity near you by searching for NY community solar projects.

If you're interested in switching to solar power, review the 7 financial benefits to understand why it's the perfect option for you and your budget. 

© 2024 University Herald, All rights reserved. Do not reproduce without permission.
* This is a contributed article and this content does not necessarily represent the views of
Join the Discussion
Real Time Analytics