Did you know that an increasing number of people in the US are installing solar panels these days? Studies indicate that the domestic solar energy sector is increasing at a surprising rate of more than 16 every year. According to an article published in CNBC, photovoltaic (PV) systems installation will triple by the year 2027. Thanks to Biden’s signing of the climate bill!
Switching to solar will help reap many benefits and savings. The perks of going solar are manifold and so; more homeowners are embracing it in states like New Jersey, USA. Here are the key advantages of rooftop PV systems:
Apart from a free installation, there are multiple economic perks for property owners in New Jersey. You can consider solar power just as an exemption for your property tax. Did you know that if you set up solar panels, you’re entitled to a tax credit of a significant 26 percent of the PV system’s cost?
When it comes to the installation expenses of solar panels, you need to shell out $15,000 to $25,000. With federal tax credits, you can deduct around 26 percent of the set-up expenses, thus reducing your upfront costs. There are also additional rebates and tax incentives based on where you stay. Do some research to figure out how much you can save!
Save through net metering
Save considerably by cutting down on your monthly energy bills through net metering. It’s a billing process to help homeowners using solar receive credits for the electricity they return to the state grid. A PV system generates electricity continuously all through the day resulting in surplus power. You can contribute the surplus energy back to the grid and save money. Look up some solars PV systems providers near you or visit their website here.
The power you contribute to the state grid is reimbursed by your utility company and shown as solar credits on your monthly energy bills. This amount is deducted from your overall costs.
The more energy you add to the grid, the more credits you receive, thus minimizing your electricity bills considerably. You can save as much as $10,000 to $30,000 when it comes to the lifespan of your home solar panel.
Boosts the value of your property
Your property is an asset and when you have a PV system installed, its value increases even more. Your rooftop solar panels are consider worthy upgrades by property owners just like home remodeling. Sometimes, people looking buy properties are keen to pay as high as $15,000 for properties with PV systems. Normally, solar panels are expect to enhance your home’s worth by $20 for each $1 reduction in annual energy bills, thus increasing the value of your home successfully.
So, if you want to sell your property in the future, you can do so at an increased cost compared to a standard home without a energy system.
Now that you have read about the benefits of a solar-powered home, install a PV system to avail financial benefits and solar credits.