Installing a solar system is a great way to make your home energy efficient and increase its value. Besides improving your home’s value, solar systems can also help you save on electricity costs. So if you’ve been spending a lot on electric power or you are planning to sell your home soon, you can contact a professional solar company like EcoGen America to help install a solar system in your home.
Meanwhile, here are some long-term benefits of installing a solar system.
Less Environmental Impact
Using the power of the sun to power your home is more suitable for the environment compared to other sources of energy. This is because traditional power sources such as oil, natural gas, and coal have been identified as major causes of air pollution, water pollution, the release of greenhouse gases, and other toxic waste. So if you truly care for the environment, you should plan to install a home solar system.
Save On Utility Bills
When you install the right size of solar system in your home, and at the right location, it can help reduce your energy bills significantly. When the right capacity is installed, you can even derive enough energy to power your entire household.
Importantly, the initial cost of installing a home solar system can be overwhelming, but when you calculate the amount you’ve saved from not having to pay electric bills, you will be glad you did.
Dependable Energy Source
Over 85% of the electricity used in today’s world is derived from non-renewable energy sources like natural gas, oil, and coal. Unfortunately, these energy sources have limitations and are prone to become depleted soon. On the other hand, home solar systems can’t run out of power as long as the sun keeps shining.
Low Maintenance Cost
Unlike what most people think, it’s easy to maintain home solar systems. Also, solar panels can last for several years before needing maintenance, which means less stress for their owners. You just have to clean the dirt and dust from the panels a few times yearly or hire professionals to do it.
Rebates & Incentives
Based on where you reside, the cost of installing a residential solar system can be subsidized by up to 50%. That’s why it’s advisable to contact a certified solar installer in your area to assist you in filling the necessary requirements that can help decrease the cost of your home solar system. Additionally, you can get federal Government incentives meant for those who use solar as an energy source.
How To Pay For Solar Installation As A First-time Homebuyer
Secured Solar Loans
Secured loans,, which are also referred to as second mortgages, are a type of loan that offers low-interest rates which are tax-deductible. This kind of loan also requires collateral like a home. For your secured loan to be approved, you may need a favorable debt-to-income ratio or significant equity. This could be not easy if you purchase your home through a mortgage.
It’s not advisable to get a secured loan if you plan on moving out of your home soon unless you can pay fully before moving out. Although, you can decide to pay the remaining loan balance after selling your home with the additional amount you get from the new value of your home.
Unsecured Solar Loans
One of the benefits of choosing an unsecured loan is that you don’t necessarily have to use your home as collateral. But since the lender is taking a higher risk, the interest rate will be higher, and it’s not tax-deductible. If you plan to sell your home any time soon, an unsecured loan could be the best option for you. Even though you still have to pay after moving out, you can still abide by the loan term, which can be five years and above.
What You Need To Know About Net Metering
Net metering is a system that permits you to send any excess solar generated by your home’s solar system to your utility grid. As a reward, you get to draw energy from the utility grid at night or other times when your solar panels aren’t making enough power. You have to pay the difference between what you’re using from your utility and the excess solar energy.
Importantly, if you generate more energy than you pull from the grid over the year, your utility almost certainly won’t pay you for that excess production, which is why it’s important to install a system size that meets your specific needs.
Knowing the benefits of solar energy and how to offset the cost of solar are keys to enjoying an easy solar system installation.
