Show Your Dad You Care Too: Financial Support Comes With Going Solar

Show Your Dad You Care Too: Financial Support Comes With Going Solar

Though it is still one month away from Father’s Day, it is high time to hunt for good gift ideas for your dad. So, why not get your dad the gift that keeps on giving – clean energy.

Installing a solar panel system on your roof is a big decision. Moreover, it is more responsible for making such an important decision for your family and loved ones. Fathers always offer encouragement, teach through life, provide a shoulder to lean on and share with you valuable lessons learned. Thus you must show your dad how much you care on this Father’s Day.

In recent years, the world has been adopting renewable power at a rapid rate. The solar panel price has gone down, and the solar panel efficiency has gone up. So it definitely makes sense to install a solar panel system on the roof and show your appreciation to the man in your life. 

When you first think about going solar, it’s essential to ask yourself if solar energy is really worth it. Turning to solar energy is a serious financial investment. Thus it is vital to make the right decision for your family. Solar energy positively impacts the environment, contributes to national energy independence. To encourage the continued switching to solar energy, governments, utilities and other organizations offer solar tax rebate programs and financial incentives to make solar more accessible.

Solar Installation Financial Benefits

The most crucial financial benefit of solar energy is that it will lower the utility bills of your family. The energy your system produces through your solar panels is the power that you will not have to buy from the utility grid. In case your solar system produces more energy than your family will use, you can send the power back into the grid in exchange for an energy credit. Besides, clean energy creates a more sustainable future. With warranties available for up to 25-years, your family will benefit from the solar investment. For government tax incentives and financial rebate programs, it is possible to recoup the cost of the solar panel system in a few years. Today, federal solar tax incentives can offset a 26% tax credit through 2022. The tax credit will reduce the cost of a solar panel installation, including a solar battery purchase. The tax credit program will drop to 22% in 2023 and be phased out after 2023. Accordingly, it is the best time to go solar now. However, before solar installation, a solar panel company will also help you find tax credits and rebate programs available in the area of your dad’s house. 

If you’re thinking of purchasing home solar panels and a solar battery, you’ll want to do it soon. The tax credit reduces the cost of a solar installation, including a solar battery purchase, by 26% through 2022. Keep in mind that the tax credit will drop to 22% in 2023, and the tax credit is slated to be phased out after 2023. That’s why the best time to go solar is now.  

We know that electricity costs have risen by 16% over the past ten years, and the electricity bill gets higher every year. Several factors can lower the monthly utility bills when using solar. Those are electricity consumption, solar energy system size, direct sunlight hours and the solar panel size and roof angle.  

Using solar energy and especially installing a solar panel battery system, it is possible to save more through Time-of-Use rates. TOU electricity rates are set by local utilities and vary depending on the time of day. Electricity is most expensive during peak hours or when the demand is high, like in the evenings when most people are home. So, with a solar battery system, you can avoid the most expensive rates through the TOU rate structure and optimize the energy savings running the home appliances whenever wanted.

Another financial benefit is Net energy metering (NEM). Depending on the home locations, you can be eligible to receive credits through NEM at the same time selling the excess electricity produced back to the utility grid. 

Paying For Solar PV System

After deciding to go solar, the next step is figuring out how to pay for the solar panel installation. In case you don’t have the cash to buy your solar power system, like most Americans, there are a variety of financing options to help you turn to solar energy and start increasing the value of your home.

The most widely used solar financing method is going solar through a loan. Those loans are like the home improvement loans that help you complete the home renovations. It is available to get loan offers through banks and solar installers.

Nevertheless, suppose a loan purchase for a solar energy system is not eligible. In that case, there are also more compelling financing and leasing options available. You can obtain a solar system through a lease or power purchase agreement (PPA) offered by some solar installers. In this case, the solar installer owns and maintains your system. 

Solar lease programs require paying a fixed monthly payment calculated by assessing the amount of electricity the system is expected to produce. WHat for the solar PPAs, you will buy the electricity generated by the rooftop system back from the installer at a set rate per kilowatt-hour. 

Although no money down is generally required, your family will not benefit from the rebate programs, tax, and other incentives available to those owning the solar systems. However, even in this case, the solar systems add some value to the real estate price.

Therefore, solar financing is a big part of going solar. But in the end, solar installation is worth it. So consider that your family deserves all the benefits of solar energy.

Author of a publication: Irene Abgaryan 

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