The benefits of solar energy include more than just savings in your electrical expenses- home and business owners can take advantage of state and federal incentives for renewable energy to pay a system off quickly to start making money earlier. In short, the financial benefits of solar power range from immediate reductions in the out-of-pocket costs, to long-term programs designed to provide a source of income for years to come.
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 every year.
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 electric system.
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 making the benefits of solar energy more accessible for their citizens. The Federal government also offers tax credits or grants for renewable energy systems.
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!