Benefits of Solar Panels on your Property

Home Improvement
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140930-F-GW922-001There are numerous benefits of using solar panels for solar energy. You can refer to more details from the pieces of information below:
Solar Helps You Save on Your Electric Bill
Probably the biggest advantage of solar energy is immediate electricity bill savings. No matter how small your installation, you begin receiving smaller monthly bills from your local utility company – from Day 1.
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Savings on the monthly electricity bill will depend on the Solar Panel System installed on ones’ home. For the standard 3-KW system, savings at around 50 to 100 dollars a month can be expected with the help of 90 KW of energy generated in the said month. For the 6-KW system, savings can go up to 100 dollars to 150 dollars.
Solar Energy and Income Generation
Depending on where you live, solar panels not only help you save on your electricity bill – they can also generate passive income.
Many states, like New Jersey and California, offer generous renewable energy incentives designed to encourage solar photovoltaic (PV) adoption. If you qualify for these incentives, your local utility company actually pays you for the clean energy that your panels produce – either with direct cash or through credits.
At that point, your electricity bill isn’t simply $0 – it’s in the negative.
For States that offer renewable energy incentives, cash and credit payments are given out on a monthly and bi-annual basis. The incentives can range from 300 dollars up to 500 dollars for the cleaner solar energy used.
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Solar Energy and Higher Property Values
Because solar energy helps you save on your electricity bill, it’s an investment that pays for itself many times over the 25+ year lifetime of your installation.
But the advantages of solar energy extend well beyond electricity bill savings.
Solar energy can also fetch you a much higher asking price when it comes time to sell your home. An average sized installation on a $500,000 property can add $20,000 or more to the retail value of your home – an amount that exceeds the average cost of most residential solar installations, meaning you could not only be reducing or eliminating your electricity bill but also getting 100% of your money back when and if you sell the home. By contrast, most kitchen remodelling projects only deliver returns of 60%.
If you’re going to make home improvements, solar energy is pretty difficult to top. You enjoy lower electricity bills for as long as you remain in your house. And when it comes time to sell, you recoup 100% of your investment thanks to your property’s higher asking price.
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A solar power system usually costs around 22,000 dollars, but this initial cost is discounted at around 20 to 30 percent in some States. This discount will bring it down to 15,000 to 18,000. If you are planning to resell your home, a well maintained solar power system can bring about a huge increment in the property value. It’s not an exaggeration if the amount ranges from 10,000 up to 20,000 dollars.