How can Solar Power Save you Money

Even as solar power steps from the obscure realms of science fiction into general acceptance by the mainstream American populace, the vast majority of homeowners choose to go without the benefits of solar cells on their home.  Each homeowner that goes without solar cells has their individual reasons for not using solar power, but one of the most commonly used explanations of why they go without is because of the initial costs of installing solar power systems into the home.

Granted, these instillation costs can be high (on average around $55,000) but the advantages offered by solar power are often worth the investment.  A few of the most notable advantages to solar power include the following.

Eliminating the Electric Bill

A House in Summer

The cost for electricity varies from location to location, but everywhere you go it costs something. In Denver, Colorado, the cost is 9.1 cents per kilowatt hour (kW.h) and in Concord, New Hampshire, it is 13.1 cents per kW.h. No matter where you live, you will save this money if you generate your own power through solar panels on the home, potentially saving hundreds of dollars per year in utility bills.

Longevity of Solar Panels

Because solar panels require little maintenance and have a long lifespan, homeowners who install solar panels on their home are ensured solar energy for decades to come.

Never Pay for Gas Again

While this benefit will require yet another pricey investment, those who have a solar power system installed on their home are able to charge electrically powered vehicles for free. Think of the savings when you no longer have to pay for an electrical bill OR filling the gas tank. The savings of these two regular account suckers could equal thousands of dollars per year for a family.

State and Federal Rebates/Tax credits for Installation Costs

Many states offer rebates or tax credits to homeowners who install solar panels on their home.  So too does the federal government. These rebates and tax credits may not be much in comparison to the $55,000 average cost of installing solar power, but most states offer a percentage of up to $1,000 in tax credits and the Feds offer 30% tax credit without a limit to the overall rebate. Combine state and federal tax credits and rebates and a homeowner can make back a couple thousand on their solar power installation costs.

Increased Home Value

With various factors leading to the depreciation of a home, having solar panels installed is one shining example of how to increase the value of the home. In California, homes with solar power systems installed appreciated in value near 55% while those without solar power reached only 45%. This rate will change from state to state and with the housing market, but overall a homeowner with solar panels installed can be assured that they are getting more for their home than they would otherwise.

There are still many individuals who believe that solar power is not for them or their home, but when one considers the many benefits (only a few of which have been listed here) the decision to install solar panels on the home does not seem as far-fetched as in decades past.