4 Reasons Why First Time Home Buyers Should Invest In Solar Power


Are you considering solar power for your new home? Buying a home is one of the crucial steps towards gaining stability and acquiring wealth. The inexperience of first-time buyers can lead them to make decisions that are costly in the long run.

Energy costs contribute a large percentage of home expenses, so you need to make the right decision on the ideal solution. Solar energy is an eco-friendly option and leads to savings for homeowners who embrace it.

Some of the contributors to climate change include extraction processes involved in generating energy. As such, solar is an excellent alternative as it reduces strain on natural resources and total carbon footprint.

Here are a few reasons why going solar should be your next investment:

 

1. Reduced Electricity Bills

According to the United States Energy Information Administration, a home’s average monthly energy bill was $115 in 2019 which translates to over $1300 annually. As a homeowner, the electricity bill can go as high as $2000 to $3000 depending on your appliances and usage.

Installing a solar energy system can result in a reduction of up to 50% of the total energy bill or more —depending on your location and the season. Areas located in latitude that is further from the sun generate less energy; it’s also the same case for predominantly cloudy or rainy places.

Even so, during warm seasons like summer and spring, the solar panels tap enough energy to run a home. It’s, therefore, an excellent option to utilize during favorable seasons.

A point to note: There is negative publicity surrounding solar longevity and colossal maintenance cost. On the contrary, most solar energy systems can last up to 25 years with a free or subsidized service contract.

 

2. Minimal Impact on the Environment

Traditional sources of power include air, water, coal, and natural gas. The extraction process involves heavy machinery that results in environmental degradation. These methods also generate toxic gases and solids that damage the ecosystem.

Sources like natural gas or coal are also non-renewable and continue to diminish once used to generate energy. 

On the other hand, solar energy is a better choice because it’s a naturally occurring source that doesn’t generate toxic substances or require mechanical extraction. It is, therefore, a clean energy source that protects the ecosystem. Installing a solar energy system will help you contribute positively to protecting the environment.

 

3. Qualify for Tax Incentives and Rebates

The federal government appreciates the aggregate contribution that homeowners bring to the environment upon installing solar panels. There are a set of laws backed with incentives to encourage more homeowners to acquire solar energy systems.

Here are the benefits you’ll enjoy:

  • Tax Credit: A homeowner who installs a solar energy system can claim a tax rebate of 26%. If the total cost of acquiring and installation is $30,000, you are entitled to a tax credit of $7800. A tax credit effectively reduces the total income tax payable for a financial period.
  • Local Rebate: It’s an incentive offered by the state government to residents who install a solar energy system — the rebate is a cashback on the purchase. For example, New York State’s Energy Research and Development Authority provides a cash incentive of $0.35 per watt for residential installations. 

4. Affordable Financing Options

There exists multiple organizations and programs that offer affordable credit for the installation of solar panels. For instance, the CIR program works with several lenders to deliver low-interest loans for solar solutions. You can start saving in the first month of acquiring your home by taking advantage of the CIR financing option.

 

Are You Ready to Invest in Solar? 

Investing in solar power helps to contribute positively to environmental conservation and to manage your finances. It also brings a considerable Return on Investment(ROI) because of utility savings, tax rebates, and enjoying its service for over 20 years. Contact us today to learn more.