Financial Benefits of Getting Solar Panels

Solar panels are a great thing to add to your home because they allow you to use energy from the sun to do a variety of things. Not only is it a great way for you to help the environment but it is also a great way for you to save some money in the process. There are several financial benefits to enjoy when you get solar panels like the ones listed below.

Energy Savings

Even though it does take some money to get your solar panels installed, you do eventually save money because you are using a lot less electricity or gas to power things in your home. It does not take very long for solar panels to actually pay for themselves. You do need to put up the initial payment to get them installed and ensure they are working properly but once they have paid for themselves, you will really start seeing the savings. Because this is an investment that pays for itself in time, it is also an investment that makes a lot of sense because the lifetime of the solar panels is a lot longer than how long it takes for them to pay for themselves. In fact, it takes about 7.5 years on average for the investment to pay for itself with the savings that you get from using less electricity or gas in your home. With that in mind, it is a decision that should be fairly easy to make. 

Tax Savings

Not only are there some basic financial benefits of getting solar panels but there are also some tax savings. There are currently some IRS guidelines that involve the sale of Investment Tax Credit eligible products. Solar panels for your home are eligible products for these guidelines. These guidelines are in place when the project is sold in one tax year and installation happens in the next tax year. What that means is that if the project, like a solar panel project, is sold in this year and there was at least a 5% deposit made and the work has started, if the customer qualifies then the 30% investment tax credit is applicable when they file their taxes. With the federal solar tax credit, you just have to have the site survey done, apply for the engineering, and secure permits in order to have the work qualify. Even if your solar panels are not installed until next year, you can still get this tax credit. 

Want to learn more about how solar energy might make sense for you and your home? Give Cross Atlantic Solar a call today at 855-728-8786 and ask for a solar panel estimate.