4 ways of saving money: USA

It provides light, warmth, happiness and vitamin D, but the sun also is a valuable source of energy. Whether you are looking to save money over time or you are concerned about your impact on the environment, there are a number of incentives to consider that can benefit the green-minded homeowner. It’s an investment in your home and your future. Here are five ways installing solar panels will pay off.

Uncle Sam favors solar power:

Homeowners who utilize solar power may end up hanging on to more of that hard-earned income around tax time. The government also has a vested interest in preserving and conserving energy usage, and provides tax credits as an incentive for jumping on board. There are federal and state tax incentives you may be eligible for if you have or install solar power for your home. The incentives vary by state, but often are offered in the form of tax credits that allow a homeowner to reduce the total amount of taxes owed.

Eliminating electric bill

Eliminate electric bills. The “what goes up must come down” concept seems to have skipped its visit to energy companies. With gas and electric bills on the rise nationwide, there isn’t much the average consumer can do to keep costs down. Installing solar power can all but eliminate the average monthly cost of running electricity in your home. The impact is most powerful in states that see a lot of sun throughout the course of the year, like California or Arizona, in comparison to the central states that face winters without much sun.

Return on investment:

Since the number of solar panels necessary to power a home is impacted by variables such as the location and size of the residence, estimating the cost to install solar power can be a bit challenging. With costs ranging from $10,000 to up to $55,000, solar power can be fairly costly to install.

Yet research has shown that in spite of what might seem like a high price tag up front, installing solar power can significantly increase the value of your home. Studies conducted in California, where a 2009 Residential Energy Consumption survey found residents use 31 percent less electricity than the national average, concluded that solar panels added about $20,194 to the sales price of homes in the $500,000 range. When you combine that with the amount of savings in overall electric costs, the original installation cost is normally recovered.

Power to the extras. As new makes and models of electric cars enter the marketplace, the green-minded driver may have a way to save on more than gas. Depending on how much you drive, switching to an electric vehicle could save you hundreds of dollars a month by itself and drivers who have a home with solar panels, have the option to charge their vehicles for free.

The sun has a lot more going for it than providing light and Vitamin D. Installing solar power may be an investment, but it can pay dividends for both your pocketbook and the environment.

 

To see if solar is right for your home, head to Modernize.com.