As electricity prices continue to rise, many people are turning to solar power as a way to help lower their monthly energy bills. Solar power is generated through the use of special photovoltaic cells that absorb the sun’s energy and transform it into working electricity. When you install a solar panel system in your home, such as those offered by Verengosolar, you immediately start to see the benefit as your meter will start to go backwards. Because you will still be tied to the utility grid, you will begin to export the extra energy that you produce to other homes, causing the aforementioned reversal of the meter. Many local utility companies will even offer to buy back the extra energy that you produce but do not need at whole sale prices, meaning that not only will you be saving money on your electricity bills but you will actually be making money by installing a residential solar panel system. This additional revenue stream can help offset the upfront costs of installing the system.
For those still concerned about the costs of installing a residential system, the Federal, State, and many local governments offer many financial incentives to encourage homeowners to make the switch to solar energy. The Federal government offers a 30 percent tax credit for every homeowner that decides to install a residential solar panel system. Many States, such as the State of California, offer further rebates that can help cut the initial set-up costs by almost fifty percent. Certain qualified, low-income households can receive an additional $7000 in the City of San Francisco if they decided to install a residential solar panel system, meaning that solar panel systems can be installed by those in every tax bracket.
Another way that one can benefit financially from installing a residential solar panel system is that it can increase the value of one’s home. This fact is supported by ICF Consulting, which is funded by both the U.S. Department of Housing and Urban Development and the U.S. Environmental Protection Agency. According to the Appraisal Institute in Chicago, $1 of annual energy savings translates into a $20 bump in home value. Using this 1-to-20 ratio, if you end up saving $500 on your energy bills over the course of a year, then the value of your home will increase by $10000. Furthermore, many states will not increase your property taxes despite the increase in property value. That means that one can enjoy all the benefits of home improvement without any of the accustomed increases in property taxes. With all of the available financial incentives, one should not worry about the initial set-up costs when considering whether to make the switch to solar power.
In addition to the financial benefits, by installing a residential solar panel system, one will also be helping out the environment. Because solar power only needs direct sunlight to operate, there are no pollutants or releases of toxic greenhouse gas emissions that are normally associated with conventional fuel sources such as oil, gas, and coal. Solar power, like wind and hydro power, is a clean, green, and renewable energy source. That means that it does relatively no damage to the environment. The fossil fuels that many use now to power their homes contribute to the destruction of the ozone layer, which protects Earth from the Sun’s dangerous UV rays. By making the switch to solar energy and installing a solar panel system in your home, you will be doing your part to help keep our planet safe and clean, for both present and future generations. With all of the financial and environmental advantages, everyone should consider making the switch to solar energy and installing residential solar panel systems.