Home Home improvement Can Solar Panels Save You Money? Financial Benefits and More

Can Solar Panels Save You Money? Financial Benefits and More

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We don’t think much about electricity and power because we always have it. At least that’s the case until we receive those monthly utility bills.

As we crank up our cooling systems to stay cool during the warmer seasons, we also crank up our electric bills, costing us more and more — except for those who already own their own power source.

Homeowners who have invested in solar energy enjoy many financial benefits that their friends without solar panels don’t. Read on to find out how you can save money too by choosing to go solar.

Own Your Own Energy

Homeowners in South Carolina pay between $140-$150 every month on electricity. That adds up to $1680 every year.

On the short term, paying this amount every month seems reasonable. However, if you’ve got plans to live where you are for the next decade or two, solar offers a better return on investment than your monthly utility bill.

When you go solar, each payment you make goes towards owning (and maintaining) your own energy. This is not renting a solar panel system from a third-party company. You own it completely after you’ve paid it off.

Solar erases one monthly recurring bill from your total expenses and increases the overall value of your home.

Solar Panels Tax Incentives

The current federal solar tax incentive saves you up to 26% on total costs (with no maximum limit) if you get a new solar panel installed from 2021-2022.

For those looking to install a new system in 2023, you will still enjoy savings on up to 22% of total costs. The goal of these solar tax incentives is to lower the cost of entry so that more people can save money while going solar.

Solar panel companies may also offer their own incentives to help homeowners transition to solar.

Blue Raven Solar offers zero money down for the first 18 months. That’s free energy for a year and a half. Check out more at blueravensolar.com/south-carolina/greenville/.

Conserve Natural Resources

As if you needed more great reasons to go solar, it’s a clean and renewable source of energy. By choosing to go solar you help to conserve the world’s natural resources.

Most of the country’s electricity comes from burning fossil fuels (natural gas and coal). In 2020, natural gas and coal provided energy for almost 60% of our energy needs. Renewable energy only makes up 20% of our energy demands.

With the vision of a more sustainable future in mind, we can shift towards using more renewable resources.

A Solar Future For You

It’s not a fad. Renewable energy is the future. Take advantage of federal, state, and local solar panel tax incentives to get solar panels while you can!

This single investment can move you away from relying on electric companies for power and increase the value of your real estate at the same time. If you love self-sufficiency and a high return on investment, now’s the time to invest in solar energy.

For more articles like this, check out our home and real estate categories!

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