It already warms our days, helps our plants to grow, and gives our skin a rich tone, so what else would you ask from the sun? How about to help out with the electricity bill! Solar power has been well known for decades but is recently gaining steam in the housing sector thanks to many energy friendly financial incentives. There is about 7 billion years of energy left in the sun, why not tap in to it?
“Sure, The Sun Is Free But The Technology Isn’t”
It is no secret that obtaining solar power for your home used to come with an astronomical price. Just like the flat screen TV, MP3 Player, and your cell phone, solar technology has become more advanced and more abundant, thus driving the initial cost down. With the popularity of “green” electricity growing, the federal government offers a “Federal Solar Tax Credit” where you can be eligible to receive 30% off the total cost of your solar power system.
A Well Lit Road to Savings
How long will it take to see a return on your newly established solar power? Obviously this depends on the size of the system you choose to install. However, the average installed system cuts down user’s electricity bill by 50% and sometimes eliminates it entirely. Say you bought an $18,000 system, take out the Federal Solar Tax Credit and you’re system now cost you $12,600. If your current energy bill is $150/month, if the system cuts your bill in half to $75/month, you would save $900 a year. At that rate, it would only take 14 years to pay for itself and if you plan to live in that home for longer than that, you’re saving money. These panels have a 25 year performance warranty and most systems can last for more than 30 years! Remember, electricity rates are nearly guaranteed to keep increasing and as those increase, so do your savings, essentially helping the system to pay for itself even sooner. Even if you do not plan to live at that home for more than 14 years, the system has already added value to your home upon selling it.