Solar energy is smart energy. In addition to savings in your
electrical costs, home and business owners can take advantage of
state and federal incentives for renewable energy to pay a system
off quickly and then start to make money. The financial benefits
range from immediate reductions in the out-of-pocket costs
sometimes associated with solar, to long-term programs designed to
provide a source of income for years to come.
1. Electricity Savings:
You save money by generating your own power instead of using the
power from your electricity provider. An average residential system
in New Jersey (for example) will produce approximately 8,400 kWh
At a $0.16 per kWh, you'll save $1,344 in the first year. And
that doesn't count the income that could be generated by SREC's on
top of that!
With skyrocketing electricity prices, you could
easily save over $15,000 in just 10 years by owning a solar
Incentives vary from state to state and whether the system is
for commercial purposes or for a home. States with incentives
typically have rebate-based incentives, production-based incentives
or a combination of the two. The Federal government also offers tax
credits or grants for renewable energy systems.
3. Increased Property Value:
According to an article on CNNmoney.com, "A study in Appraisal
Journal found that for every utility-bill dollar saved annually
because of an improvement, you gain $10 to $20 in property value."
Therefore, saving $1,300 in the first year off of your electric
bill could increase your property value $13,000 to $26,000!