If you’re considering installing a solar panel for your home, you need to know what you’re getting yourself into. A solar panel can increase your property’s value, reduce your dependence on the power grid, produce 100% emission-free electricity through New Jersey’s clean energy program, and even earn you some money. In this article, we’ll explore why people install solar panels in their homes.
Increase Property Value
Adding a solar panel to your home will not only help you save money on your monthly utility bills, but it will also help increase the value of your property. A recent study by Zillow found that installing solar panels can add up to $9,274 to the value of the median-priced home in the United States. The savings you can expect will vary depending on how much energy you use in your home. Homes with heated floors will likely see a higher premium from solar power.
The study found that installing solar panels increased the value of a home by 4 percent. The research also found that the average cost of rooftop solar installation is paid back when you sell the home. Installing solar panels is also a great way to get a tax break on your investment. In many cases, the tax credits you receive will pay for your solar system multiple times over. Furthermore, solar-ready homes are increasingly attractive to buyers considering their monthly electric bills when buying a house.
Solar installation prices vary widely among regions, so it is important to compare prices. Larger systems can significantly increase the value of a home. However, smaller systems may add little value to a property. In addition, an older solar panel system may have outmoded parts that would make it less desirable to a buyer.
Reduce Dependence on Utility Power Grid
Investing in a solar panel is an effective way to reduce your reliance on the utility power grid. The panels produce electricity during the day when the sun is out so that you can use them to power your appliances. Most of the energy is exported back to the electrical grid, though some utilities will pay you for the excess energy you generate. In addition to reducing your dependence on the utility power grid, solar energy also helps to protect the environment.
The first step is determining the size of the solar panel system that will meet your energy needs. Then, it would help if you thought about integrating energy storage systems with the solar panel system to store surplus energy. The energy storage system will allow you to use the electricity you generate from the solar panels throughout the day and reduce your reliance on the utility power grid.
Using solar power will not only lower your electric bill but also increase the value of your property. Adding solar panels to your home will make it more appealing to prospective buyers. Moreover, federal and state governments offer incentives for installing solar panels. Many local utilities also offer low-interest loans to help people invest in solar power. Additionally, solar energy is a clean energy source and can reduce your dependence on fossil fuels.
Produce 100% Emissions-Free Electricity
The federal government is the largest purchaser of electricity in the world, and it is ideally positioned to leverage its scale to accelerate the deployment of clean, renewable energy.
Installing solar panels can pay for itself in as little as five years. This may be faster in some areas than others. In some regions, the power produced by a solar panel system can pay for itself in twenty or thirty years. The payback period depends on the renewable energy feed-in-tariff rate in your region.