Solar is appealing because it’s environmentally friendly, but let’s be honest- if you’re a homeowner, you’re probably more interested in the long-term financial savings enabled by solar systems.. Here are a few financial benefits of having solar!
Save green by going green!
Stabilize your bill
Current electric rates are just that(current)- meaning they’ve been lower before. Unfortunately these prices have been on the rise for years, and there’s no reason to believe that they will be decreasing any time soon, unless you start generating your own power! When you install a solar energy system on your property, you save money on your electricity bills and protect yourself against rising electricity rates in the future. How much you can save depends on the utility rates and solar policies in your area, but going solar is a smart investment regardless of where you live.
Rebates and incentives
Solar power rebates are incentives from federal or state governments to reduce the cost of going solar. With the federal tax credit, you can reduce the amount that you pay in taxes by 26% of the cost of your system. So, if your system costs $10,000, that means you get a $2,600 credit on your federal taxes! Although Texas doesn’t have a statewide tax credit or rebate program for solar, homeowners in Texas have access to rebate programs and incentives from many utility companies and local governments that can save thousands on the installation cost of a solar system!
One overlooked financial benefit of solar power is the resale value that it adds to a home. After the initial investment, solar not only saves you money from lowered electricity costs, but you could potentially see the property value of your home increase. Although a higher property value usually means higher property taxes, Texas has a renewable energy property tax exemption so that residents don’t pay extra taxes as a result of the value that their solar panels add!!
Net metering is an incentive that allows you to store extra energy in your electric grid. Texas does not have a statewide net metering policy, but many utility companies have policies that gives credit to owners for the excess electricity that their panels produce! When the solar system isn’t producing enough electricity to meet your use(like when it’s cloudy outside, or at night/during dark hours), you can draw on those net metering credits instead of using money to purchasing electricity from the company!