5 Financial Benefits of Installing a Solar Power System

solar power

Are you considering using solar energy but feel unsure if it’s right for you? Converting to solar power has many benefits for any homeowner. In addition to reducing your reliance on fossil fuels thanks to its use of renewable energy, it can also benefit you financially. Here are a few ways converting to solar power can be a wise investment.

1. Reduced Bills

What homeowner doesn’t want to reduce their bills? Energy bills can account for around 30% of typical home expenses. However, when you’re relying on electricity from the sun, you’re able to use much less energy from the grid. The amount that you’ll reduce depends on the size and type of system you have since all solar energy systems aren’t the same. Some people can completely go off of the grid and only use solar power as their energy source. At the moment, about 1.8% of American electricity is generated by solar power. However, as businesses and property owners realize the savings in store, more of them are catching on, so you can expect to see that percentage rise.

2. Higher Property Value

For most Americans, purchasing a home is the largest investment they’ll make, and investing in your home doesn’t stop at paying a mortgage or paying your house off completely. Many upgrades to your home and surrounding landscape can help increase its value. So why does property value matter? Property value can make your home easier to sell and give you a greater profit. If you prefer to stay in your home to age in place or want to pass it on to your heirs, a greater property value can give you more equity for equity loans. That way, you can pursue more home improvements without saving up additional money. Plus, your home is an asset. The more money your home asset is worth, the greater your net worth will be.

3. Enhanced Safety

While electricity can make life convenient, it can also come with certain dangers. When you’re dealing with frayed wires or a short-circuiting system, your home or commercial property can be susceptible to electrical fires. According to the Electrical Safety Foundation International, 5,300 electrical fires occur annually. When you rely on clean energy delivered by a fully modernized electrical system, your home has a reduced chance of fire since it relies on safe, clean energy, as opposed to fossil fuels or outdated electrical wires.

4. Energy Credits

Adding solar panels to your home can put money into your pocket. Sure, you have to pay upfront costs to install a solar energy system in your home. However, on the back end, you’ll make that money back and can get credit. The various credits you’ll get will come from your state government or federal taxes. In some cases, you may be able to get a reduction in the upfront cost of the system. Some states even have grants for homeowners who begin using solar energy. Before you leap into the world of solar, review your local, regional, and state laws about this type of upgrade to see what your specific incentives are and how you can make sure you receive them.

5. Improved Security

One of the problems with relying on the grid is the lack of security that can come with it. Such insecurity not only results from price fluctuations but also from power outages and blackouts. At least when you’re relying on energy from the sun, you know the sun is always there. Therefore, you always have a secure source of energy as long as the sun’s rays can reach your panels.

Having a secure form of energy can also help keep you safe when it comes to your various alarm systems. For example, under the NFPA25 Code, fire protection systems must have visual inspections and functional testing to ensure compliance. Such tests may happen at various times of the year and at five and 10-year intervals. Keep your fire systems functional with a reliable source of energy to keep them connected.

It’s hard to avoid spending money on your home. However, with the right choices, such as solar power, you can save your budget in ways that may surprise you.

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