Green homebuilding is an increasingly popular trend. With growing awareness about maximizing use of renewable energy, several homeowners want to make their homes energy-efficient and eco-friendly. According to 65% respondents in a study by the National Association of Home Builders (NAHB), energy-efficiency was an important decision factor while building/buying their home. This means that green homes are the future. If you’re considering making your home energy-efficient, solar paneling is what you need. Here are the benefits of adding a solar panel:
- Low/No Energy Costs- Solar panels produce net zero energy consumption, which means that it produces the amount of energy that your home requires, putting your monthly energy bills at zero. With an average amount of sunlight, solar panels can produce enough energy to power a home with a family of 2 adults and 3 kids. These panels also draw energy on cloudy days, and so they are useful even for areas that get an average of 2-3 hours of sunlight per day.
- Tax Benefits- Solar panels can actually pay you! Since solar energy delivers positive environmental impact, the government offers tax breaks and financial incentives to make this option more accessible to home owners. You can get 30% of the total system costs as a federal income tax credit at the time of filing your taxes. So, if you’ve spent approximately $25,000 on your solar system, you can save $7500. In addition to this, there are state and local rebates and Solar Renewable Energy Credits (SRECs). Consequently, the net cost of your solar panel system can be reduced by 30-50%.
- Long-Term Cost Savings- Energy costs run into thousands of dollars annually. The average annual energy expenditure per person is close to $3000. But solar energy is free. So, once you install a solar panel in your home, you can dramatically reduce or even completely eliminate these costs. In the long run this translates to substantial cost-saving.
- Improved Resale Value- Home buyers today are well-aware of the benefits of a home with solar panels. If a potential buyer finds these panels installed in your home, they will be willing to pay a very good price. According to a 2015 research conducted by the Lawrence Berkeley National Laboratory for the US Department of Energy, on an average, homebuyers are willing to pay a premium of $4000 per kilowatt of installed solar capacity. So, for a standard 6-kilowatt solar system, nearly $24,000 is added to the resale value of your home.
- Ecological Benefits- Besides saving energy from non-renewable resources, solar panels also contribute towards minimizing air pollution. Traditional energy sources are produced by burning fossil fuels. In this process, harmful gases such as carbon-dioxide and methane are emitted. This leads to global warming and decreased air quality. But solar panels overcome this problem since they do not produce any greenhouse gases.
Solar panels can bring unmatched benefits to your home. However, if the initial cost considerations are holding you back, you should explore home improvement loan options.