Understanding the Value of Residential Solar Panels

Posted by Robert Dekanski on Wednesday, June 19th, 2019 at 10:56am.

Top 8 Reasons Homeowners Should Invest in Residential Solar PanelsAfter tax credits, homeowners can expect to pay an average of at least $12,000 for a residential solar system. As this can feel like quite a big investment, it helps to know what value residential solar panels bring to the home. Thankfully, these eco-friendly home energy systems offer many excellent benefits, making them well worth the purchase for many households. Homeowners can explore the value of installation solar panels for their home with this informative guide. Here are just some of the benefits to consider.

Energy Savings

When Menlo Park Terrace homeowners have solar panels installed, they can run their households off solar energy for a big portion of the day. If they elect to have storage batteries installed as well, they can run off solar around the clock. These storage elements ensure the household does not have to go back to using the power grid during cloudy days and the evening hours. Once their solar panels are installed, these homeowners do not usually have to pay a power bill each month, potentially saving their households a tremendous amount of money each year.

Rewards for Excess Energy

Depending on the household's energy usage and solar energy production, it is possible to feed the overage into the public power grid, allowing the system to generate funds. As the panels deliver the excess power into the grid, the energy meter will actually run backward. The rewards arrive on the next bill as a credit that can carry over month to month. This helps households remain energy bill free even as their solar power production slows down in the winter months.

Environment Protection

Beyond saving homeowners money on their power bills, residential solar panels can decrease the drain on natural resources, one household at a time. The panels can create an abundance of clean energy without producing greenhouse gases or any pollution. As sunlight is a renewable resource, homeowners can bring energy into their house day after day without using up finite resources, like coal. The lower environmental footprint is definitely something to feel good about, but the benefits do not end there.

Return on Investment

Although it varies from region to region, it is possible for households to save up to $30,000 in energy costs across the 20-year lifespan of the solar systems. Homeowners must ensure they buy the right size of solar panels and have them installed in the right location to maximize the energy production of the system. With this approach, it is possible to receive a solid return on investment from even a simple residential solar system.

Property Values

Residential solar panel installs can improve the value of the property for those intending to sell the home. The resale value of the property can increase by as much as $6,000 for every kilowatt of solar power added to the home. With even a small solar panel installation of about three kilowatts, homeowners can boost their home value by almost $20,000. As the residential solar panels age, property values increases start to taper off as well, so it is often best to sell right after the installation.

Tax Credits

Homeowners who purchase a solar panel system for their residence are likely eligible for a sizeable tax credit. As long as they are not leasing the system, they can claim this credit on their annual federal tax return. The credit covers up to 30 percent of the total cost of the residential solar panels and installation. This tax credit will only remain an option for homeowners until 2022. After that time, only commercial solar panel installations will qualify.

Peace of Mind

With their ability to reliability produce clean energy and even store it for later use, residential solar panels can provide homeowners with true peace of mind. They do not have to worry about the state of the local power grid, as their household will have power regardless. As a result, power outages and other problems will no longer impact the function of their household. They can rest assured that they can continue with their activities, uninterrupted, through all situations causing local energy disruptions.

Novelty

Homeowners often find that solar panels prove fun to have and serve as a great talking point with friends, family and neighbors. Not many households have yet adopted solar power as their main source of energy. So, when homeowners install a solar system, people often have questions that open the door for interesting conversations and new friendships. Just the novelty alone can make installing residential solar panels well worth the expense for homeowners who love to share their knowledge about these systems.

For all these reasons, residential solar panels can greatly benefit many households throughout the United States and beyond. Simply weighing the benefits can help homeowners decide if they should make an investment in clean energy.

Leave a Comment