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Tuesday, August 23, 2011
The federal tax credit currently being offered to homeowners is 30% of the total cost for a solar system installed. Depending on where you live, bear in mind that you also may be eligible for additional state and local tax rebate programs which when combined with the federal tax incentive can dramatically reduce the cost (by up to 50% or more in some cases) and payback period of your solar power investment.
In the past, one of the biggest negatives associated with solar power systems was that they were very expensive to install for the average homeowners. Today, beside the fact that more attractive tax and rebate incentives are being offered, there are a number of other factors that makes installing a solar system less expensive these days. Increased competition and current technological advances in manufacturing has helped to reduce the overall cost of producing photovoltaic solar panels which has been passed along to the residential consumer. Plus, warranties being offered today covering most solar panels systems are longer than ever guaranteeing a more productive lifespan for your system.
There are a number of a factors involved regarding how quickly your solar power system can pay for itself including your specific energy needs and local climate. Ultimately however, today’s more efficient solar power systems should help significantly reduce or eliminate your monthly electrical bills from anywhere from 50% to 80%. And in some cases, if your state has a net metering program you may even be able to sell your excess or unneeded power back to your local utility company.
Increase in Home Value
Like any home improvement, installing a solar power system is a proven a way to increase the value of your home in the marketplace. Although in most cases it’s not practical to take them with you when you move, solar systems have no moving parts and can last for 30 to 40 years. Base on some reports, a solar power system can potentially increase a home's value by approximately $20,000 for each $1,000 in annual reduced electrical costs.
Being Environmentally Friendly
Home solar power systems have been known to be environmentally friendly generators. Homeowners who install a solar power system can have the personal satisfaction of knowing that they are helping to reduce the emission of green house gases which most scientists agree have a direct relation to global warming.
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