In the past few years, solar technology has seen a huge upswing in popularity.
So many more homeowners are making the decision to switch to solar energy to power their homes, with a larger percentage than ever making that decision last year.
Among all this popularity, you yourself might be considering implementing a solar energy system in your home. The only thing you might be on the fence about is the price. When determining your budget, it can be helpful to think about solar ROI.
How much can you expect to earn back thanks to your initial investment in going solar? Read on and we’ll walk you through what to expect.
Save on Energy Bills
Where’s the number one area you’ll see money back in your pocket from going solar? Just look at the bottom line of your monthly energy bill. All of the costs associated with solar power are initial costs are up-front costs.
Once your system is set up, harnessing the power of the sun is free. That means you’ll be managing a great deal of your home power at no additional cost. This can carve out a huge portion of your energy bill.
As the years go on, the savings you’ll make on your energy bill will really add up. Let enough years go by and you may actually be able to say that the savings paid for the installation itself.
Tax Savings
That isn’t the only place to save money, of course. You can also save money during tax time by making the switch to solar. It’s true!
The federal government currently has an initiative in place to help promote the adoption of solar technology. Anyone who installs a solar power system for their home or business will receive a tax rebate of 28%.
That means 28% of the total cost of your setup will be deducted from the amount that you owe that year for taxes. Depending on installation costs, that can be significant savings!
You can obtain a solar quote today to get a sense of how significant those savings might be.
Home Value Increase
Another way of looking at your solar investment is to consider the added value it will bring to your home. Many home buyers are interested in solar because of the savings it will bring them (as we’ve discussed).
Knowing that they can purchase a home without having to deal with installation themselves means you’ve just massively increased the value of your own property.
If the time does come that you want to leave your current property behind, your solar investment can play a big part in deciding on your asking price.
Understanding Solar ROI
If you’re thinking about investing in solar energy, you may be curious about how much you can save by making the switch. The above information on solar ROI should help to illuminate just how much value this opportunity really has.
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