What Are the Financial Benefits of Solar Energy?

There’s a lingering misconception about solar power. Solar power saves most homeowners a bundle of money, both in the short and long term.

Once upon a time – decades ago – solar panels installed on your roof were something only wealthy people could afford.

Today, solar panels are far cheaper and more effective in producing energy. When you work with Pineapple, homeowners pay $0 out of pocket to install solar.

Solar isn’t just cheaper, there are clear positive financial benefits to buying and financing solar.

Solar power is economical, but it can also positively affect the environment. Solar energy benefits are a proven and integral part of overall environmental sustainability, which will mean less financial hardships for all of us.

Financial Benefits of Solar Energy

  1. Significantly lowers power bills
  2. Tax incentives
  3. Increases home value
  4. Helps mitigate losses during blackouts
  5. Contributes to greater environmental sustainability

1. Lower power costs and lower bills

This is a significant factor, especially for those people who are on a fixed monthly income. This means that you can go about your daily business without worrying about your bills. Not only does it help you save money, but it also lowers the stress levels of the user as well. Studies have shown that lower stress helps alleviate some medical issues – so you can save money there, too!

Since solar technology advances constantly, the prices of solar panels are lower than they’ve ever been. They will continue to lower costs, so there’s not much sense in waiting for them to keep dropping. The money you’ll save immediately will far outweigh the time you wait for panel prices to drop while paying too much to your utility company.

The best thing about it is that you will still have the ability to generate your power, and you can add a battery to store the surplus power for later usage.

2. Tax incentives

The federal government has a tax incentive for residential solar systems. Many state and local governments offer additional incentives. As of 2020, you can get up to 26% of the full cost of your solar system back on your taxes!

The best way to maximize tax incentives is to speak with a professional consultant. At Pineapple, we provide customized systems to ensure maximum monthly savings on your power bill, and we can also help maximize tax savings based on your specific area. We even do most of the paperwork for you!

Pineapple Energy is ready to help you get set up today.

3. Increases home value

Solar panels are shown to increase the attractiveness of a home on the open market. This is true of homes with low property taxes, homes in high-quality school districts, and homes with good home energy ratings.

The National Renewable Energy Laboratory (NREL) has found that homes with solar panels installed sell on average 20% faster. Furthermore, a study from the U.S. Department of Energy’s (DOE) Lawrence Berkeley National Laboratory found that sales prices of the average home increased by about $17,000 with solar panels.

4. Helps mitigate financial losses during blackouts

Blackouts are more than just inconvenient. They are costly. In some cases, they can be life-threatening. A fridge full of food can spoil in an extended blackout, costing you hundreds of dollars in groceries. Pets can suffer without air conditioning in hot areas, leading to costly vet bills. Life-saving medical devices require electricity, and the consequences of blackouts for those who rely on them can be catastrophic.

Solar panels can help keep your essential home electronics going during those Public Safety Power Shutoffs (or even the unplanned blackouts). If you opt for a backup home battery to go with your solar panels, you can keep things running night and day. The monetary losses you prevent with solar can be extraordinary!

5. Contributes to greater environmental sustainability

Environmental sustainability is more than an abstract feel-good “green” concept. Solar energy is indeed a clean and limitless source of energy. Every watt generated by your home’s solar panels is a watt that doesn’t need to be generated by a big polluting power plant.

This works to your direct financial favor.

Experts have been saying for years that accelerated climate change will cost our country and the entire world loads of money. There will be more significant (and costlier) environmental disasters such as hurricanes, tornadoes, floods, droughts, and wildfires. There will be rising ocean levels, putting coastal homes at risk. Food and water will begin to cost more money.

Installing solar panels on your own home won’t solve the problem alone, but it’s a step you can take today to contribute to the greater good. The more solar panels we install on rooftops or ground mounts, the less we need to burn fossil fuels to produce energy. Solar panels are one of the most eco-friendly and wallet-friendly forms of alternative energy.

When the utilities help generate electricity from your home, there’s less stress on the power grid. Less stress for the grid means minor grid-related issues, lowering the operating costs for utility companies due to reduced maintenance costs. This benefits the customer by having to pay less on their utility bills.

These days, it is easy to compare the monetary benefits of solar energy with the alternative you already have: your old utility company.

How to Switch Your Home to Solar Power

One of the biggest benefits of today’s solar industry is that you do not have to install the panels yourself. We hire and train solar installation professionals with the highest safety standards and the greatest care for your rooftop.

Your solar journey starts here.