Texans are all about doing things in a big way and that includes saving and making money. One of the newest ways that residents across Texas are padding their wallets is by adding solar arrays to their homes. Most people know that you can save money with solar but aren’t aware that you can actually make money too.
The most popular trend in home design today is adding eco-friendly features. From full Net Zero homes to adding Energy Star appliances, homeowners are looking for ways to adopt a more eco-friendly lifestyle. Carbon footprint reduction has become a serious issue for people around the world.
One of the biggest roadblocks of adding solar to your home is the initial set up cost. Putting up solar panels and setting up a full battery and conversion system can be expensive. But, it’s worth the cost when you take part in a solar panels buyback scheme that will have the power companies paying you instead of you paying out to them.
We have put together a list of some of the ways that you can make money by adding solar to your home in Texas and around the country.
Lower Your Bills
The amount of money that you can save on your energy bills is largely dependent on the size of the solar array you choose to invest in. You can calculate how much solar power you need to run your home using an online app or talk to your provider about how many panels are right for your home.
Once you are set up you will start to see an immediate reduction in the cost to power your home. If you add a large enough array you can eliminate your energy bills altogether, putting money back in your pocket every month.
Raise Property Value
Your home is likely the largest financial investment that you will ever make. With the markets still recovering, it’s important to find ways to increase the value of your home. When you add solar to your home you can expect a 4% increase in your property value. That can be a big chunk for many homeowners and a great way to put money in the bank when it comes time to sell your home.
The only things in life that you can’t avoid are death and taxes. But, wouldn’t it be nice to make a better return during tax season? When you decide to go solar you can get a great tax break at the end of the year.
Up to 25% of your initial set up cost for home solar can be written off on your annual tax return. That’s a huge break for many families and allows you to invest in your solar package with confidence.
For those homeowners that end up collecting more solar energy than they need to power their homes, there are great benefits to signing up for a solar buyback program. This means that any power that you produce in excess of what you need can be sold back to be used by your local grid. This means that instead of sending money out to the energy companies, they will actually start paying you.
Everyone loves to make money, so why not join the environmental movement of switching over to solar power for your home and watch your bank account grow.