How Does Solar Impact You Financially?

When looking for areas to save money, one area we at Sun Valley Solar usually think of is your monthly electric bill. Releasing the utility's grip on your wallet by installing a residential solar energy system will positively impact you and your bank account for decades. 

Between government tax incentives and various purchase/finance/lease options, most residential solar systems repay their initial investment within 7-10 years and often require minimal to no out-of-pocket cash. 

Harvesting our most abundant natural resource in areas like Arizona is essential because the costs of buying power from local utility providers are increasing.

Solar panels lock in predictable energy costs for decades with a warrantied life of 25 years and an effective life of 40 to 50 years.

 For those of you considering switching to solar energy, here are a few ways solar can positively impact you financially.

1. Solar Increases the Value of Your Home

Installing solar panels can increase your home's value by at least the cost of the system. Recent research has shown that buyers are willing to pay an average of $15,000 more for a home with a solar energy system installed. While this isn't a benefit you'd notice immediately, it's one you'll see when you go to sell your home down the road. With solar becoming increasingly popular among homeowners, solar is one of the few home improvement projects that not only improves the resale value of your home but pays for itself in the form of reduced electricity bills. 

2. Solar Lowers Your Utility Bills

One of solar power's most obvious financial benefits is that it can lower your utility bills. It’s a simple equation, as any power you produce through your solar panels is power you don’t have to purchase from the utility. What’s more, when your system produces more power than you’re using, that power is sent back into the grid, where it's redistributed to users. And if your utility provider supports net metering, you’ll receive a credit for any excess energy you produce. When that happens, your solar system is making you money!

3. Solar Gives You Tax Breaks/Rebates and Other Purchasing Options

Get money back on your purchase or a cash incentive to buy a solar system. You can take advantage of the federal Solar Investment Tax Credit (ITC), which can offset nearly one-third of the purchase price of a solar system through a 26% tax credit. The state of Arizona also offers a flat $1,000 incentive.

 In addition, there are compelling financing and leasing options available. Today, going solar with minimal to no out-of-pocket investment is possible. So long as your monthly lease or loan payment is below your average bill, you’re still left with money at the end of the month and many decades of predictable energy costs.

Are you interested in learning more about the financial impact of solar energy? If so, you can download our complimentary solar guide. We invite you to download the guide, and if you're ready for a quote, contact us below!