Solar Incentives: Monetary Benefits of Switching to Solar

The world at large seems to be making a transition to clean energy. This can include wind power, hydropower, geothermal power, and of course, solar power. 

For homeowners, solar power systems are the most practical and affordable. Anyone can reach out to a solar power company and have solar panels installed on their home. 

We all know how green energy can help heal the planet. But what about financial solar incentives? What personal reasons are there to make the switch to solar energy?

Keep reading for everything you need to know about the financial benefits of going solar. 

Lower Energy Bills

First, and perhaps most obviously, when you install a solar system for your home, you can significantly reduce (if not eliminate) your dependence on the power company. Smaller solar energy systems can help you lower your energy bill. Conversely, whole-home solar systems can power your home entirely by themselves, eliminating your energy costs.

For most homeowners, this means saving about $115 a month, which is one of the most attractive solar incentives. 

Solar Company Financing Plans

You might be wondering about the initial costs of solar for homeowners. Between the equipment costs and installment fees, how much will you be paying? Most people can’t afford thousands of dollars out of pocket. 

For this reason, you should look in your area for a solar company that offers the BluePower Plus plan. This financing purchase agreement gives you 18 months of free solar power. Then, you can start making affordable, monthly payments.  

Federal Tax Incentives

One of the best solar incentives comes from the federal government. Through the year 2022, you can get a 26% tax credit for your solar installment costs. These incentives for solar exist because the government recognizes how important it is for our country to make a positive change on a major level. 

To put things more clearly, if you spend $12,000 on your solar system, you can get over $3,000 back on your tax return. 

Increased Home Equity

You might not be planning on selling your home anytime soon. However, you should know that adding a solar system to your house can significantly increase its value in the real estate market. 

Homebuyers would want nothing more than to find a home that’s already set up with solar power. Alternatively, you can use the added equity in your home to take out a HELOC for other home improvement projects. Or, you can refinance your home loan for better terms, to pay off debt, etc. 

State Programs

The federal government isn’t the only governing body offering solar incentives. Some states have solar energy programs that allow homeowners to earn money based on the amount of solar energy they produce. 

In some cases, the excess energy you store can be sold back to the power company for credits or cash. In other cases, the state will actually pay homeowners for a certain amount of energy produced, as an incentive to make their state more eco-friendly. These solar rebates can add up quickly. 

Ready to Start Taking Advantage of These Solar Incentives?

Clearly, there are tons of financial solar incentives for homeowners who make the switch to green energy. Are you ready to install solar panels on your home to take advantage of these benefits? If so, we hope our solar guide helped you come to the right decision. 

And if you’re looking for more homeowner advice or green living tips, you’re in the right place. Look through some of our other articles before you go to find the information you need to improve your life.