Posted By 
By Gary Bordeaux
Special to the Financial Independence Hub
Most people are well aware that solar power is better for the environment, but did you know it can have a positive impact on your wallet, too? Start saving today by converting your home to solar.
Affordability
Year after year the cost of installing a solar panel system has been decreasing dramatically. In the last decade alone costs have dropped nearly 70 per cent, putting solar energy well within the financial reach of most homeowners. More options for ownership have also become available, and you can now finance or lease a system. That means you can see immediate savings on your energy bill with lower upfront costs. Contact the most trusted Colorado solar provider to learn how you can affordably convert to solar today.
Reduced utility bills
It’s almost a given that when you rely on a traditional energy source your bill will increase each year. What if instead of paying more and more you could watch that payment decrease instead? With a well-designed solar installation, your utility bills will shrink: potentially even down to zero if your system generates all of the energy your home requires.
No dynamic pricing
What is dynamic pricing? It’s when a service provider raises rates at peak times, and it’s becoming the norm in the energy industry. Instead of one flat rate for energy usage throughout the day, utility companies increase pricing when the demand is highest. Most home energy consumption occurs from 4 p.m. to 9 p.m. on weekdays, so utility companies raise the cost of electricity during that time period. It’s meant to discourage use during high-demand hours, but what it really does is drive up the total you see on your bill.
When you’re off the grid, you aren’t subject to paying more during peak periods. You’ve generated your own abundant supply of solar energy that is 100 per cent free to use, regardless of when you choose to use it.
Usage rebates
Savings are provided to solar owners through a process called net metering, which makes it possible for you to profit from the energy made by your panels.
A well-designed solar power system will often produce more energy than your home requires. In Colorado and elsewhere, home-generated solar energy is transferred to the public provider. When homeowners consume less energy than their home has generated they receive utility bill credits. If they consistently produce more than they use, they receive a rebate for the excess energy.
Tax breaks
Across the United States, power grids are failing at an alarming rate. They are old systems that weren’t built to meet modern demands, and governments are seeking alternatives that will reduce the strain. One solution is incentivizing homeowners to go solar by providing tax credits. While many state and local tax breaks are available, the Investment Tax Credit (ITC) program is offered nationwide. The ITC was established to provide significant federal tax deductions when you install a home solar system, but it is set to expire in 2021. To ensure you receive the maximum available credits, act quickly to take advantage of this program.
Increased home value
Just as a bathroom or kitchen remodel can raise the value of your home, so can an energy upgrade. Modern buyers are looking at more than just curb appeal; they want a home with ready-to-go sustainability. Solar panels represent a huge financial benefit for years to come, and they are an appealing perk to buyers who are eco-conscious. Buyers are also more likely to purchase a home with an existing system, even if the cost is higher than a home lacking solar, because they will not have to convert the home themselves. They know they can move in and on day one begin saving on energy costs.
Installing a solar energy system in your home is an affordable way to decrease your monthly expenses while adding value. Switching to solar means making a long-term investment that will pay off from day one.
Gary Bordeaux is a real estate professional and company owner based in Portland, Maine. As a retired real estate agent, he spends his time and energy investing, and writing about what he has learned. His goal is to help entrepreneurs and small business owners achieve their full potential.
