Saturday, 19 December 2015

Top Benefits of Going Solar

Save Thousands of Dollars

According to One Block Off the Grid, adding solar panels to your home can bring in monthly savings of well above $100 in many states. Extend this to two decades, less than the length of a typical solar panel warranty, and this translates to over $30,000. In Hawaii, residents save on average $64,000 the first 20 years!

 Start Saving from Day 1

Solar purchase power agreements (PPAs) and solar leasing has made it possible for homeowners to go solar for little or no money down.

Many homeowners choose to finance their solar panels with one of the “pay-as-you-go” financing options. This means that a third-party company – the solar provider – owns the solar system and takes care of installation, maintenance, monitoring and repairs. You simply pay the solar provider for electricity – less than you would`ve paid the utility company.

As of June 2013, 75% of all American homes have access to pay-as-you-go solar.

Pay-as-you-go solar is an excellent option for many homeowners. However, we generally recommend that you should pay in cash (through a home equity loan or a second mortgage) if you can. This will bring in more long-term savings. More about this here: Benefits of Owning (vs. Leasing) Solar Panels.


 Low Payback Period

If you choose to pay in cash, the payback period is in many cases less than ten years. In Hawaii, it takes homeowners on average 5 years before the monthly savings (in terms of lower electricity costs) meets the total costs of the solar system.

 Increase Your Home Value

Buying a home with solar panels translates into lower electricity costs. Solar panels will increase a home`s attractiveness on the market, similarly to homes with low property taxes, homes in school districts and homes with good Home Energy Ratings (a measurement of a energy efficiency).

A study conducted by National Renewable Energy Laboratory (NREL) concluded that homes with solar panels sell 20% faster and for 17% more money.[1]

U.S. Department of Energy’s (DOE) Lawrence Berkeley National Laboratory found that the sales price of the average home increased $17,000 with solar panels.[2]



Take Advantage of Incentives

As of 2009, the $2,000 cap on the Federal Solar Tax Credit is lifted. You will get 30% of total system costs back (equipment and installation). This means you would save $7,500 on a solar system worth $25,000. Combine this with state and local rebates, Solar Renewable Energy Credits (SRECs), and total costs can be cut in half. Take advantage of incentives while they last.

Data from One Block Off the Grid shows that the average solar home in New Jersey earns between $5,000 and $7,000 by selling their SREC credits every year.

To find out what state and local incentives apply to you (they can vary between ZIP codes), you should signup for free solar guidance.

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