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Shining Light on the Financial Side of Going Solar

January 16, 2020

With solar becoming an increasingly popular energy alternative, more Americans may be asking themselves is going solar a good financial choice for me? In short, YES, going solar is a worthwhile and feasible investment for many reasons!

Decrease in Equipment Cost

To start off, in the past, Solar has had a reputation of being an expensive luxury; but that just isn’t the case anymore!

Solar PV systems have decreased in price by 99% since the 1970s. This is mainly due to:

  • Improvements in technology.
  • Competition in the international solar market.

Solar has become so affordable that some even predict that in the next couple years it will actually be less expensive than fossil fuels!

Solar Policies

Another reason why solar is a reasonable investment is because federal, state, and utility organizations have policies in place that give PV system owners economic breaks.

  • Federal Investment Tax Credit (ITC)
    • Owners receive a 30% credit for their total system cost.
  • State Incentives
    • Each state is different, but many provide rebates or incentives for going solar. Go here to see what’s available in your area.
  • Utility Rebates
    • Some utility companies offer great rebates depending on the size of your system.
    • Once again, each Utility company is different, so make sure to research yours!
  • Net-Metering
    • Net metering allows PV system owners to bank the excess energy they produce and sell it back to the utility companies.
    • You can potentially make money off of your PV system!

Home Value

Another common concern when considering installing PV is how it will impact the value of your home. Luckily, there has been some research done in recent years that have found some interesting trends!

According to a 2013 study in the Denver area:

  • Most PV systems increase the value of your home.
  • Generally, having a PV system shortens the time your house is on the market.

So on top of PV systems being more affordable, you could actually see a return on investment in your home value!

Trying to decide whether or not to go solar can feel overwhelming. But that’s why we’re here! Let us be your solar guides and help you through the process. Going solar is a great investment and if you would like more information, contact one of our Solar Consultants at 970 963-1420!

Kelsey Gibb
Administrative Assistant and Rebate Specialist