What are the Pros and Cons of getting Residential Solar Panels?
1. Increases the house value by 4.1% on average according to the New Zillow Analysis.
"Not only can adding solar panels to a home save energy costs and help the environment, it also can potentially increase a home’s value. During the past year, homes with solar-energy systems sold for 4.1% more on average than comparable homes without solar power. For the median-valued home in Los Angeles, that translates to an additional $23,295" - Zillow Research
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2. Financing solar can save monthly even during the financing months.
Financing Solar can be a great option for people without the upfront funds for adding solar panels. It can even be cheaper to finance solar than to pay for electricity bills, A monthly output of 650-850 kilowatt hours (kWh) is normal for a residential solar system. The typical home uses 909 kWh of energy every month, according to the US Energy Information Administration, thus having solar may save you up to 90% on your monthly electrical bills. This may put overall savings during finance months into a net positive.
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3. Installing solar panels may apply for major tax benefits saving thousands
Example - The federal solar tax credit allows you to deduct 26% of the cost of installing a solar energy system from your federal taxes. The ITC is valid for both residential and commercial systems and has no limit on its value.
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1. Solar Energy is dependent on sunlight
Solar Panels only receive energy from sunlight, meaning people who live in cloudy or snowy environments may not reach the full value of the solar panel.
2. Tax benefits are ending soon
The tax benefits from installing solar lessons every year. In 2023 the benefit will be lowered by 4% and will be removed as a whole by 2024.
So Whats The Verdict?
There is a reason over 4 million home owners have already switched to solar in the U.S and is expected to triple by 2030. Solar pros completely outweigh the cons and solar is the smartest way to increase your homes value, save on electric bills, and get tax benefits.
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