This is one of the questions we get the most frequently. It makes sense, whether you’re a homeowner, business owner, or agribusiness owner, you need to understand how switching to solar energy can result in solar energy savings.
How Using Solar Panels Helps You Save
The bottom line is, yes, switching to solar energy for your home or business will save you money. Once your system is installed you’ll start to see a difference in your utility bills.
These savings increase over time after you’ve saved enough on your electric bills to start recouping the cost of your solar system. Your solar energy savings will vary depending on which type of system you install.
Solar Energy Can Increase Your Home’s Value
For homeowners, switching to a solar energy system can add up to 4% more to the value of your home. More home buyers are looking for alternative energy options due to rising utility costs.
Financial Incentives Are Available
In addition to reducing the cost of your home’s utility bill, financial incentives are also available.
The federal solar tax credit is available if you have your solar energy system installed before the end of 2032. The tax credit is 30% of your cost. It includes equipment costs, labor, and permit fees.
State tax exemptions vary. For example, in Indiana, you are 100% exempt from all property taxes associated when your home’s value increases due to switching to solar power.
Also, if your home is located in a part of Indiana that is served by NIPSCO, you can enroll in a program to get credit for your solar energy. You can find more information about this program through NIPSCO’s website.
Make The Choice To Go Solar
Investing in solar panels for your home or business is the best way to protect yourself against rising energy costs. The price of energy isn’t dropping and experts expect it to keep rising in the coming years.
The cost of installing solar panels has dropped in recent years and require little upkeep to ensure your investment lasts.
Since the cost of energy isn’t dropping, investing in making the switch to solar energy is a great way to save money and plan for a future of lower energy bills.
Advanced Solar Is Here To Help
Have questions about how switching to solar energy works, what your solar energy savings could be, and if it’s the best choice for you? We’re here to answer your questions and help you find the best solution!
This blog post was originally published in May 2020 and has been updated to include the latest information.