Solar is the talk of the town when it comes to home equity and savings on electric bills. Not everyone knows what solar is or why it is a good investment.
Having a little knowledge on the subject will come in handy when making your decision.
You may have seen these sleek, black and rectangular objects on homeowners rooftops or on ground mounts on their property. These are solar panels.
Solar panels collect light from the sun and your converter turns it into usable energy that powers your home.
The area you live, your electric company and your electricity usage all play major roles in your whether or not solar is right for you.
On the upside, solar gives you a predictable bill every month at a fixed cost and solar almost always increases the value of your home.
The process of powering the lights, AC, heat and all other electricity in your home requires generation transmission and distribution costs. This is a large chunk of what is costing you every month to receive electricity from your utility company directly to your home. With solar, you are able to reduce those costs to lower your monthly bill.
Some electric companies even credit your account for every kilowatt hour you are not using electricity with solar panels.
There is a federal tax credit for solar owners and some states even give a state tax credit for solar owners.
Instead of paying an unpredictable bill every month that fluctuates, your bill becomes a predictable rate combining both the cost of the solar panels and the cost of electricity usage.
It is best to finance solar panels because once your solar panels are completely paid off, you will own them. This means, you will see even more reduction in cost on your electricity bill. To top it off, with solar panels, your home equity will increase if you ever should decide to sell.
Essentially, more people are turning to solar to own a personal powerplant that reduces their power bill to a large degree. Most companies provide completely free solar consultation visits. This will help you learn more and know if solar is the right asset you want for your home.