If you’re considering using solar energy to power your home, then you’re probably also interested in how much money it can save you. While this form of energy is both renewable and environmentally friendly, it is also a sizeable source of savings. To explain the many financial benefits of going solar, Vision Solar has created this handy overview of some key solar panel savings so you can be sure to seize them.
Tax Deductions Galore
As an owner of solar panels, you are eligible to claim the investment tax credit (ITC) on your federal income taxes. This federally regulated credit is set to decrease over the next few years until leveling out to a permanent percentage in 2022. Check out the following breakdown to see how much you could save with this solar tax credit:
- 2019: Homeowners can claim 30% of their solar panel installation costs on their taxes
- 2020: The ITC deduction decreases to 26%
- 2021: The deduction further decreases to 22%
- 2022 and onward: The deduction decreases to a permanent 10%
As you can see, the sooner you choose to switch to solar, the more money you can claim on your federal taxes. Yet the deductions you can claim don’t end at the federal level. Several states also offer policies and incentives that can save you money. To learn more about the tax benefits offered by your state, visit the Database of State Incentives for Renewables & Efficiency® or speak to a knowledgeable member of the Vision Solar team.
By installing a solar power system for your home, you can protect yourself from utility inflation. This means that you can prevent your electricity costs from fluctuating with upward utility trends. These savings can vary depending on where you live. For example, New Jersey residents could save an average of $19,655 over 20 years. With savings as substantial as these, you could soon afford that vacation, home renovation, or another reward you’ve been dreaming of.
Get More for a Solar-Powered Home
Many studies have shown that buyers are willing to pay more for homes with solar power systems than homes without them. According to a study performed by Zillow, analysts found that homes with solar panels achieved an additional 4.1% in sales compared to non-solar homes. So when you invest in solar panels, you are also investing in the resale value of your home. Additionally, solar homes are often more appealing to environmentally conscious buyers and anyone interested in saving on utility costs in the future, saving you time and money during the selling process.
Join In On the Solar Savings
Solar energy offers you the unbeatable chance to go green while saving your green. Not only can solar power save you money upfront, but a solar power system can also increase your home value. If you’d like to make the money-saving switch to solar today, contact Vision Solar or request a free quote. We serve residents throughout Arizona, Pennsylvania, and New Jersey and boast speedy 24-hour processing times and an unbeatable 30-day total permitting, installation, and activation time, so you can start saving faster.