Renewable energy usage grew by 42% between 2010 and 2020. There are many benefits to using renewable energy sources, and solar energy is quickly becoming one of the most widely used. On top of being good for the environment, installing solar panels in your home could help you generate savings in several ways.

For a rundown of how solar energy could save you money, keep reading.

Initial Costs

There are various types of solar panels available, and it’s worth noting that there will be an initial investment for your solar panel installation. This can vary a lot depending on several factors such as the size of your home, your energy usage, or any additional equipment you need.

An average system may cost between $15,000 and $25,000 before any incentives or tax credits. This is a rough estimate to get a better idea of how much your system could cost you should speak to a professional solar installation company such as Blue Raven Solar.

Subsidies

When getting a solar energy system installed, there are various subsidies and tax incentives that you may be eligible for. These can change with time, and vary from state to state. You should look into your local area to find out what kind of benefits you might be eligible for.

Energy Bills

One of the main benefits of solar panels on a home is that you’ll need less energy from the grid. Solar panels will cut your monthly utility bills — how much depends on how efficient your system is.

Sometimes a system may be able to power your entire home. If it produces any excess energy, this will be sent back to the grid, and you’ll actually get paid for it.

You can reduce your bills further with the use of a solar battery. Your panels will charge the battery throughout the day, and then redistribute the power to your home through the night, further reducing your reliance on the grid.

Despite the initial investment, it won’t be long before your solar energy system has paid for itself, and you can continue to benefit from the savings.

Resale Value

Having solar panels installed can increase the value of your home. When people are looking to buy a new home, they know that one with solar panels will naturally have lower utility bills. This can make it much more desirable to buyers.

Younger generations are more conscious of environmental impact. Solar energy is a renewable resource, and as such, young buyers will be more inclined to purchase a house if it already uses renewable energy.

Is Installing Solar Panels Worth It?

Installing solar panels is one of the best ways to begin saving money on your monthly expenses. Your bills will be reduced, and you might even stand to make some money. You could also benefit from government incentives, and a solar installation will increase the resale value of your home.

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