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Solar energy has become so much more popular in recent years and all for good reason. The sun isn't going anywhere and people are always going to need to have a renewable, reusable, sustainable source of that energy. But when you begin thinking about the pros of solar energy, you may still have some questions:
- How much lower will your energy bills be?
- Are there still tax credits for installation of solar panels?
- What is the quick and long term ROI from solar panel installation?
All excellent questions and all of which you can find the most recent information about below.
Cost Breakdown: The pros of solar energy go beyond financial gain; however the cost savings should make the prospect even more interesting to any homeowner. Assuming a 3% energy inflation rate and a .5% system degradation rate there are immediate savings that you could see when you install your solar energy system. The cost savings of a solar unit in the first month is $51.00. This means that you will save $610 over the first year and $3668 over the first five years. Your savings continues with $9001 in savings over 10 years and $25,565 over 20 years.
If you pan this out even further your savings over 30 years would be an estimated $69,809 with the ever-increasing energy inflation numbers. Now that's just with a 3% energy inflation rate, imagine what happens when (not "if") there is an energy shortage? Your costs without a solar system would be markedly even more.
Tax Credits: There are even tax credits that make the urgency for getting your solar energy system installed and operational in the current year an even smarter idea. The federal investment tax credit (ITC) can be claimed on federal income taxes for 30% of the costs of a solar photovoltaic (PV) system. So long as this system is installed and operational during the tax year, creating energy that is used for a home located in the United States, you are eligible.
Eligibility for this tax credit includes things like solar PV panels or PV cells used to power an attic fan. You also can include costs from your contractor labor in the preparation, installation, or assembly of these parts, the balance of system equipment, wiring, inverters, and mounting expenses as well as any sales tax that was incurred on eligible expenses. The bad news is that Congress may not push this tax credit forward into 2017, so the time to act is now!
As you can see the pros of solar energy are a cost savings which will continue onward into an uncertain future in terms of energy regulation and costs in the United States. However if you get even a portion of your energy from the sun then you can be guaranteed to be a step ahead of those who have chosen not to take advantage of the current positive tax credits and so much more. If you are living in sunny Florida and you would like to partner with one of the best solar companies in the state, you should call on the team at Superior Solar. They can help you realize these immediate cost savings and make your home and life energy secure for decades to come.
