Given the changes to the tax code over the past few years, it is reasonable to ask what the benefits of solar energy are within the current context. Here are some important answers to the burning questions about solar panels for your home.
These days, what is the lifespan of solar panels?
Solar panel technology has created systems that last 35 years or even more; any time between your payback period (the time it takes for you to get the same value in free electricity that you spent on the system) and 35 years is just free electricity for you! One exception is the inverter, which tends to last about half that time, between 12 and 20 years.
What incentives can I take advantage of when buying solar panels?
Right now, the federal renewable energy incentives and tax credits are quite high (30% of expenses deducted from your taxes), and they are set to decrease on December 31 2019, so you should take full advantage of those while you can!
In addition, many solar incentives exist at the local level, like these in Illinois and Wisconsin. It is worth researching county, city, and town incentives as well, since local energy providers may be attempting to incentivize your use of solar in your local area!
Do i have to pay everything upfront? What about financing?
There are many options for financing solar energy. By financing your own system, taking advantage of credits, and investing the savings from your past utility bills, you can quickly pay for a system that will then offer you free electricity for decades! We’re currently offering zero down solar financing for a limited time, so don’t wait to take advantage!
Do I have to live in a sunny area like Florida, California or Colorado?
This answer is almost always “no.” Even if you don’t live in the sunniest of locations, you can still see great benefits and cost savings from solar panel installation. As long as you have an open space that is free to absorb as much sun as anywhere else in your area, you should be set.
Some homes may have a lot of shade trees or other tall buildings that block the sun for good parts of the day, and this will need to be factored in. Other homes may have a roof that doesn’t face at an optimal angle for sun absorption. However, there are often ways to work around these issues (like with ground-mounted panels or using the garage roof instead).
Will my home’s value go up proportionally with solar panels?
Many homes are seeing big benefits when the advantages of solar energy are rolled into the value of the home! This does depend on the age of your system at your sale of your home, but you’ll definitely see a bump (as much as $15K!) when your home cost includes a previously installed system.
Ready to get to know solar panels even better? Contact us today to learn more about the options available in your area, and schedule your free solar consultation!