While we've been stuck inside our houses for the past couple of months, home improvement projects have been on the rise. What better activity to take up some extra time on our hands than improving our homes? From switching out your bulbs to LEDs to creating your own home garden to explore delicious new recipes, we've mentioned a few projects in recent weeks that the employees at Sun Valley Solar have tackled with the extra time spent inside.
One area you might not be quick to place some home-improvement focus is your roof—and ways to utilize that space with solar. With the days getting longer and the heat setting in, going solar is a wise option in our great and sunny state. After all, we have free electricity "raining" down on us more than 300 days a year! So if you're looking for your next home improvement "honey-do," here are four reasons why you should consider solar.
Limited-time solar incentives
The federal solar investment tax credit (ITC) is the most lucrative incentive for going solar—but it's getting smaller. It currently sits at 26%, a decline of 4% from the previous year. This year is the only year the tax credit will be at 26% before it reduces again to 22% in 2021. From 2022 onward, the ITC will no longer exist for homeowners.
While 4% less than previous years, 2020's 26% rate still has a sizable impact on the payback period, reducing it by a factor of several years in some estimates. When it drops to 0% in 2022, the payback period will extend considerably. So, if you're inclined to turn Arizona's most abundant natural resource into immediate energy savings, we strongly recommend grabbing the 26% rate before while it's still here.
Enjoy a cooler and more affordable summer
When you go solar, you can set your temperature a little lower than you might normally without having the fear of a high utility bill waiting for you at the end of the month. We've already seen seasonally-high temperatures this year, so making the switch to solar will ensure you're able to live comfortably at the peak of the summer heat. While combating the higher summer temperatures, your home will have a more cost-effective energy source to draw from while your non-solar neighbors will have to purchase increasingly expensive peak-season power from the local utility. This is particularly important now that more families are sheltering at home.
Increase your home's property value
If you install solar on your home and you move in a couple of years, you might be stuck wondering what to do. With solar panel lifespan measured in decades rather than years, this is a common question many potential solar customers ask. The good news is your solar investment isn't lost if you move a couple of years down the line. A recent Zillow report showed that adding solar to your house can increase your property value by 4%. And as more and more consumers shift to green eco-mindedness, houses with solar will command more attention on the market than their more traditional counterparts.
Security in times of crisis
Now more than ever we've realized how important it is to be secure for whatever life throws our way. Going solar lets you lock in predictable and affordable energy costs for years to come. And with utilities increasing their rates almost every year, you'll be able to save that money that would otherwise be paid on your monthly electric bill. Batteries also offer additional security while expanding the effectiveness of a solar array. When you combine the two, you'll greatly reduce your reliance on your power utility and squash costly demand fees—both of which will help you save money to prepare for the future.