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January
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January 30th, 2023 by

Going Solar - Homeowners - Haring Realty

Have you been considering adding solar panels to your home? Upgrading to solar energy is expensive upfront, but it can offer some substantial advantages in the short and long term. Keep reading for a basic introduction on solar from our REALTORS®.

  • What is Solar Power?
    One of the main components of a residential solar energy system is the network of solar panels that absorb the sun's energy and convert it to electricity. This process of converting the sun's energy to electricity is called photovoltaics. The sun's power creates direct current (DC), so an inverter must be used to convert the power to alternating current (AC). The generated and converted electricity is then stored in solar batteries for use at night and on cloudy days.

    Installing solar panels and batteries in your home represents a substantial expense, especially if you opt for more energy storage. Forbes reports that, on average, a lithium-ion solar battery system and installation ranges from $7,000 to $14,000.

  • Save money on your power bill.
    Solar installation may cost a lot up front, but it'll start earning you money immediately. The power you use from your system doesn't cost you anything, so if you've done a good job designing the system, you may not have to pay anything for electricity anymore.

  • The power company may actually credit you.
    If your system generates more power than your household uses, you may actually get credit for the excess power. Net metering allows excess electricity to flow back to the power distribution system in exchange for credit toward your electric bill. In addition, sending excess electricity back to the power company can result in a drop in your community's use of nonrenewable resources.

  • Get money back on your taxes.
    In addition to getting credit from the power company, you may also be able to get money back on your taxes. The US government offers a tax credit of 22 to 30 percent, depending on when the system was installed. Because this is a tax credit, it will reduce your tax bill directly rather than reducing your taxable income. For more information about the solar tax credit, visit energy.gov.

  • Solar energy systems are low maintenance.
    Aside from the upfront cost of installing solar, ongoing maintenance costs are fairly low. The panels must be kept clear of dirt and debris but should function for many years. The exception is damage caused by weather, so be sure to look into your home insurance policy's coverage for solar panels.

  • Solar can increase your home's value.
    Installing a solar energy system will increase your home's value and desirability. Bucyrus homes for sale with solar panels and batteries already installed typically sell for more than homes without solar since the new owner can benefit from the addition of solar without the expense and hassle of having to finance and install a system themselves.

Springing for solar energy is a big decision, but the benefits offer substantial incentives to homeowners. If you're getting ready to sell a home with solar or are hoping to buy a new home with solar installed, contact us today to get started.

Categories: Homeownership
Tags: Mansfield OH, Lucas OH, Haring Realty, Home improvement, Homeowner, Add Value to Your Home, Bellville OH, energy savings, Ashland OH, Ontario OH, For Owners, Crestline OH, Crestview OH, Delaware OH, Fredericktown OH, Galion OH, Hillsdale OH, Lexington OH, Madison OH, Mapleton OH, Marengo OH, Mount Gilead OH

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