Having solar panels installed on your home could save you $1,500 on your power costs per year.
Despite this impressive saving, only 3.2% of U.S. homes currently have solar panels. according to USA Facts.
With energy costs rising, you may be thinking about investing in solar. So, let’s find out more about solar panels and whether they’ll work well for your home and your family.
Photo by micheile dot com on Unsplash
Lower energy bills
Energy bills in the U.S. have increased by almost 16% in the past year. The price of electricity is expected to increase by 7.5% this year compared to 2021.
Many families are finding it tough to pay their energy bills because of this rise. There’s no sign of energy prices dropping anytime soon, so having solar panels put on your house could be a great long-term investment.
You will need to have a chunk of cash handy, though. Forbes reports that the average cost of a solar system is $16,000. However, you can expect to recoup the costs of your solar system within 6 to 10 years.
The average electricity bill in the U.S. at the moment is $117.46 per month. If you’re an average electricity consumer then you could save yourself up to 90% of this cost every month, according to Blue Raven.
State incentives
Many states offer incentives to homeowners looking to invest in solar. These incentives are designed to offset the costs associated with installing solar.
If you live in New York and opt to have solar panels you’ll benefit from the NY-Sun Megawatt Block incentive, Solar Energy System Equipment Credit, Sales Tax Exemption, and Net Metering.
Solar benefits for Floridian homes include Federal Solar Investment Tax Credit, Florida Net Metering Programs, and Florida Tax Exemptions. The federal solar tax credit equates to 30% at present, so there’s a good saving to be made on renewable electricity.
But it will drop to 22% in 2034 before being dropped the following year. If you’re thinking about getting solar panels, always look into the incentives available in your state as some states have much better incentives than others.
A better future for your children
As a parent, it’s natural to want the best for your children. Solar helps to protect the environment, so your children are less likely to be negatively impacted both now and in the future.
Solar power produces a lot less air pollution than fossil fuels. This is important as studies have found that air pollution can limit lung growth in children. Better air quality has also been linked to fewer respiratory illnesses in youngsters.
Another benefit of solar power is that it fights climate change. Climate change is making summers hotter and longer and is putting kids at risk of allergies, asthma attacks, poor mental health, and coming into contact with disease-ridden bugs, such as ticks and mosquitoes.
Solar power is growing in popularity, but it’s still not very common in residential communities due to its high price tag. But as the benefits of solar are far greater than the downsides, you should look into investing in it today.
