What to Financially Expect When You’re Expecting to Get Solar

When it comes to getting solar, you’ve probably heard a lot of amazing financial benefits you’ll get when you install it. However, whenever you get a new technology, it’s always important to keep your expectations reasonable. You don’t want to go into it expecting some unattainable goal to come out of it, and then become extremely disappointed when you realize solar power can’t actually do all that you anticipated. Read this blog to learn exactly what financial gains to expect when you’re expecting to go solar.

Does going solar actually reduce utility bills?

One of the top reasons people go solar is because of the savings they expect when they go solar. To put it simply: yes, your solar system will reduce your utility bills. It does so in several different ways.

Renewable energy decreases the amount on your utility bills.

Your utility bills are going to decrease because solar is a renewable energy source that won’t suffer from fluctuating prices and won’t have to worry about the fact that fossil fuels are vanishing. You can save over a thousand dollars per year on your utility bills just by going solar.

Net metering will both save you money and make you money.

Another way it saves you money is through net metering, which can actually also make you money. Net metering is when you generate more energy than you actually need so that you can sell it back to your utility company. If you produce enough of it, it’s possible that you’ll never have to pay another utility bill again.

Get amazing tax credits, incentives, and rebates - but do it fast!

And there’s also credits, incentives, and rebates. The main credit you’ll want to get on top of right now is the federal tax credit. Currently, it’s 30%, but next year it will be going down, and it will be completely gone by 2022. Various states will have their own credits and incentives. And many utility companies will have rebates. These credits, incentives, and rebates are why you’ll want to install solar as soon as you can. A lot of them are disappearing as solar is becoming more and more popular, so if you get it soon, you won't have to worry about the amazing incentives disappearing before you get the chance to utilize them.

Solar will increase the value of your home.

Even better news: solar increases the value of your home. You can get as much as $15,000 added to the selling price of your home just by installing solar. A lot of it will depend on when you buy the system and how much of a lifespan it has left, on top of the quality of your system. So let’s say you have a top of the line system with durable panels and amazing efficiency. You’ve had your system for seven years and have paid it back completely. You can tell the new homeowners it has a warranty and can last up to eighteen more years, but it will probably last more than that because it’s a top of the line system. In this scenario, you could ask for $15,000 more when you sell your home no problem.

Want to learn more about the cost of going solar and ways you can save on your system? Check out the HahaSmart blog for daily updates!

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