Solar panels have been around for decades, but their recent increase in affordability has made them a hot topic among homeowners. Have you thought about switching your home over to a solar energy system? Here are four reasons why solar panels New Jersey might be a good fit.
1. Financial Savings
Solar panels may help you save money by reducing your energy bill. The amount you can save depends on various factors, including the amount of direct sunlight your rooftop receives, the current electricity costs in your area, and how much electricity you use in a day. Keep in mind that solar panels are a long-term investment – you may not see returns immediately, but you will a few years down the road.
2. Rebates and Tax Credits
Did you know that you could receive a federal tax credit for installing a solar energy system in your home? Homeowners who install their systems between 2020 and 2022 can receive 26% of their installation costs back in the form of a federal tax credit. Systems installed in 2023 qualify for a 22% federal tax credit. Future credits have yet to be determined by Congress.
Additionally, many states and municipalities offer green energy incentives and solar power rebates to qualifying residents.
3. Increased Home Value
Solar panels may increase the overall value of your home. A 2019 Zillow study found that homes with solar-energy systems sold for an average of 4.1% more than similar homes; the statistics varied from state to state and between rural and metropolitan areas.
4. Reduced Carbon Footprint
The most well-known benefit of switching to solar power is the positive impact solar energy has on the environment. According to the U.S. Environmental Protection Agency (EPA), electricity production accounted for 25% of greenhouse gas emissions in the United States in 2019. So, if you are looking to help nature by going green, solar panels are the right choice for you.
Despite the high up-front costs, residential solar panels have many financial and environmental benefits. If clean energy appeals to you, start making inquiries about solar panel installation today.