What are the benefits of solar energy?
Among the renewable sources of energy, solar energy has risen in popularity for both residential and commercial purposes. This is because significant technological advancements have been made in harnessing solar energy. It is both environmentally friendly and economically viable for households and businesses to use this clean form of energy.
Here are some of the benefits of switching to solar energy for meeting your energy needs.
Save Money on Utility Bills
Many households have turned to solar-powered electricity simply to counter the rising cost of electricity bills. Apart from this, solar energy also protects you from a rise in utility rates. This means your energy costs are stable and predictable in the long run.
Building Credit with Utility Companies
Some states allow you to build credit with your utility company when your solar-powered system overproduces. The extra energy can be put into the grid, giving you credit for future use of electricity.
Increase in Home’s Resale Value
A home that has solar panels installed is valued much higher than one that doesn’t. For example, research done in 2015 by Berkeley Lab showed that homebuyers were willing to pay a premium of $15,000 for a home with an average-sized, host-owned solar array.
Adopt a Green Lifestyle
With the use of solar energy, you can contribute to keeping the environment clean. Conventional sources of electricity generation releases greenhouse gases in the atmosphere, leading to global warming. Moreover, solar energy lowers the use of fossil fuels, which is fast depleting and are non-renewable resources.
Tax Credits for Purchased Systems
With the implementation of the federal solar tax credit, solar power system owners became eligible for tax credits. Purchasing your home solar system allows you to take advantage of the Solar Investment Tax Credit (ITC). Solar power system owners are eligible for this tax credit which is worth 26% of the total cost of the system through the end of 2022. After 2022, the percentage will decrease each year and then expire completely for residential solar systems purchased after 2023.