For people who own a home, keeping up with home improvements and cutting expenses are usually the top priorities. Many home improvements are meant to beautify a house which can increase home value. However, some of the best home improvements increase living comfort and decrease costs.
Annual Major Home Expenses
Home improvements and maintenance are considered to be some of the top home expenses. However, on an ongoing basis, heating, electricity, and cooling are the most significant expenses homeowners contend with. Each year the average homeowner spends several thousand dollars just on electricity. That is why most look for ways to decrease the cost of running their electricity through conservation and investing in energy-efficient appliances. While electric energy is considered a clean form of energy, it is regarded as one of the most costly to operate.
Investments in Home Energy Alternatives
One of the best ways to reduce expenses for running a home is diversifying the energy source. This can be done by adding solar energy as an additional primary source for their utilities. This will significantly help reduce energy expenses every month and offer many long-term benefits.
Solar energy in a home is acquired by installing solar panels, which use the sun’s power to trap energy and convert it into usable electricity. There are several places to have solar panels installed at a residential property. Systems can attach to the house’s roof or be built on an exterior building roof, such as a detached garage. For property owners who would prefer not to have them on the roof of their houses or garages, they can build one on a land section. Panels should always be placed in an area with the most significant sun exposure to enhance solar benefits.
Three Major Benefits to Installing Solar Panels
Solar Panels Save Homeowners Money on Energy- On average, homeowners can save between 10-20% on home energy bills by installing solar panels as a supplemental energy source. In some cases, the energy savings can be substantially higher depending on how many panels are installed and how efficient they are at capturing and storing power. Additionally, there are no taxes paid on solar energy generation, so in addition to savings on usage, people who invest in solar power see a reduction in energy taxation costs. Another fantastic benefit of solar energy is that it can continue to work when traditional power fails because of storms.
Solar Panels Increase Home Value and Build Equity – Because high-quality solar panels have a significant life span, they can offer a substantial boost to home value over time. Well-built solar panel systems can last up to 40 years or longer. This provides long-term property value increases, which are recognizable on property appraisals and in noticeable equity boosts. If the property is sold, the value increase from a solar power system will be often be recognized in the sale price, offering a great return on their investment.
Tax Credits
Solar Panels Offer Homeowners Excellent Tax Credits- Having solar panel installation Rio Rancho systems offers excellent “green energy.” Because of this, homeowners are eligible for outstanding state and federal tax credits when they install solar panels on their homes. New Mexico offers a 10% credit to people who install solar panels on their homes. The federal government provides an even more substantial tax credit of 26% for installing solar panels and investing in renewable energy sources. These tax credits can put more money back into homeowners’ pockets, which helps offset the initial investment cost into a solar panel system.
Homeowners can start with a basic solar panel system and upgrade over time to allow for even more significant cost savings. For homes with sufficient sunlight, solar systems can replace the need for buying traditional electricity from a power plant.
In addition to these excellent benefits, by investing in solar systems as an electric energy alternative, homeowners reduce their carbon footprint, vital for the earth. Solar power technology is efficient and has significantly advanced over the last few decades. The investment homeowners make in a solar system will offer many long-term benefits, making them well worth the initial investment. In most cases, they can offer a homeowner a complete return on their investment within six to eight years of energy savings.