During a summer of heat domes and high temperatures, it’s easy to let the sun just get on your nerves. But year-round, the sun can benefit you by pumping energy into your house courtesy of solar panels.
A solar energy array will be one of the costliest projects you can add to your home. However, it has gotten less expensive in recent years, thanks to systems getting more efficient and effective.
On average, a new solar system costs about $25,000, with most falling between $17,000 and $32,000. But it also adds value to your home, makes you more energy-independent, and lowers the need for fossil fuels.
However, solar power isn’t just a good idea for the environment — it’s also good news for your utility bills. Experts estimate that you can expect to save about $20,000 over the lifetime of the average solar system, and it could be much higher. The exact amount you save depends on your region, how much sun you get, and the cost of energy where you live.
In many cases, your energy system can be tied into the local grid. “Net metering” means that any energy you generate beyond what you need for your home is delivered into the system, and you receive an energy credit on your bill. During these periods, your power meter might literally run backwards. This is particularly helpful to very hot and sunny areas. When heat is way up and air conditioners are running high, it eases the load on the grid to have some houses delivering energy back.
Solar panels are extremely durable. In most cases, they carry a 25-year warranty. Various types of panels have their own benefits and drawbacks. Your solar pro will be able to explain the different options available to you. Take great care when hiring your solar energy contractor.
Tax deduction
In addition to lowering energy bills, solar power can make a dent in your taxes. The federal government offers a generous Investment Tax Credit to homeowners who install residential solar. You can deduct 26 percent of the cost of a home solar system from your taxes, provided the unit was installed in 2021 or 2022.
