Solar Energy Is the Future
When it comes to investing in your home or commercial property, there are few options as universally beneficial as solar energy. The technology is only getting more efficient – and affordable – as time goes on, after all! If you have been wondering whether installing solar panels on your property may be the right call for you, we invite you to take a closer look at the possibilities.
State & Federal Incentives
In most of the country, Connecticut included, there are several types of tax credits, rebates, and other incentives available for properties of all kinds. Residential, commercial, and even agricultural properties have these types of incentives available to them to defray the cost of the equipment. As an added benefit, any value added to the property by installing solar panels is exempt from being included in property taxes.
Minimized Utility Costs
One of the most straightforward benefits of solar panels is the impact that the system has on your monthly energy bills. By generating some or all of your own power, rather than relying exclusively on power purchased from your local utility company, you are able to save a great deal of money every single month! When you then consider that, currently, solar panels can maintain good efficiency and performance for 25 years or more, you can see what a difference that could make in the long-term.
Reasonable Payback Period
The payback period is the time it takes for a buyer to “break even” on the cost of their investment. After you reach this point, the savings offered by the system outweigh the initial cost of the equipment and installation.
Though the payback period differs for each individual, determining this point depends on several factors:
Upfront cost of the system and installation: Your starting point will be the total cost of purchasing the system and getting it properly installed
Value of incentives, rebates, and tax credits: From this upfront cost, you can subtract the value of any federal or local incentives available to you
Average electrical usage: Next you will want to determine what your normal monthly electricity usage looks like; higher electricity bills often mean shorter payback periods, as that number will be greatly reduced by solar panels
Estimated generation by the panels: Determining how much of the total load your solar panels will be able to take on will give you an idea of how much your utility bills will drop
Operational incentives: Some areas have programs that allow you to sell back excess power that you have generated
Average payback periods are usually in the range of approximately 8-10 years, after which property owners can enjoy free electricity for 20+ years.
Sunlight is Renewable, Plentiful & Free
Utility costs are volatile and dependent on a fuel source that grows increasingly limited. Rather than depending on these resources and leaving your financial future to fickle chance, solar energy provides an option that is abundant, sustainable, and predictable – at least for the next five billion years or so. The long-term viability of solar energy is genuinely astonishing. While oil prices fluctuate wildly, solar panels continue to produce steadily for decades. This is true even in areas not necessarily known for their abundant sunshine.
While the science behind solar panels may be somewhat complicated, the actual panels themselves are not terribly complex on a mechanical level. With no moving parts to wear down, these systems rarely malfunction. Indeed, all you need to do is keep the panels clear of debris to maintain maximum efficiency. For those in areas subject to heavy snow or excessive dust, this attention may need to be more frequent.
Improved Property Values
As early as 2010, the National Renewable Energy Laboratory released an exhaustive study indicating that homes with solar sold 20% faster – and for 17% higher prices – than equivalent homes without solar panels. Since then, the solar market has picked up significantly and the real estate market is more competitive than ever. Having solar panels can give you the edge you need!
Solar just makes sense. If you are ready to find out more about how to invest in your property, call PurePoint Energy at (203) 989-2905 today!