Many homeowners may know about the environmental benefits of installing solar. Solar energy harnesses energy from sunshine and produces clean electricity without carbon emissions.
Home solar energy systems also offer homeowners financial benefits. Solar panels can reduce your dependence on the utility grid and lower your monthly bills — leading to years of savings. Residential solar also offers other financial benefits to homeowners, making it a viable investment that can last for 20 or more years.
As home solar panel systems become more popular, Enact stands as a trusted advisor throughout the solar installation journey. Enact works with homeowners to design custom solar systems, tailored to their energy needs, home and budget.
Summary
- Solar energy offers significant financial benefits to homeowners, including reduced utility bills, energy independence, increased property value and access to federal tax credits.
- Enact serves as a trusted advisor throughout the solar installation journey, providing simplicity, transparency and customized solutions tailored to homeowners’ needs and budgets.
- Going solar is not only a smart financial investment but also a home improvement project that contributes to a cleaner, more sustainable future.
What are the financial benefits of solar?
Going solar has numerous benefits for homeowners, including multiple financial benefits. Installing solar panels can be a great home improvement project and a great investment for many homeowners.
Lower your utility bills
A home solar energy system produces electricity by harnessing sunlight. Your home’s electrical appliances and lighting can use this electricity, which reduces the amount of electricity you need to purchase from your utility provider.
Homeowners can see their utility bills significantly reduced through solar, which will add up over time. As these monthly savings add up, your system will pay for itself over time — referred to as a payback period. After the payback period is reached, your system essentially produces free energy.
Enact customers have seen their electricity bills shrink by 75% or more, each month. The average payback period for Enact customers is between 4-10 years.
To see how much solar can save you, get a free custom proposal from an Enact energy advisor. An Enact proposal not only outlines what your system can look like, but also how much you can save each month for the lifespan of your solar warranty. To get a free solar proposal, schedule a free consultation with one of our advisors.
Energy independence
Installing a solar panel system reduces your dependence on the utility grid. As solar panels produce more electricity, your home will draw less electricity from the power grid. This not only lowers your monthly costs but can shield your home from fluctuating costs of electricity.
While there are many ways to lower your utility bill, solar is the only way homeowners can lower costs and produce low-cost energy. For example, customers of Pacific Gas and Electric (PG&E) in Northern and Central California saw their utility bills increase by around $34 per month.
Solar offers these homeowners independence from the grid and rising energy costs without making disappointing lifestyle adjustments.
Systems designed by the Enact platform are still connected to the power grid for safety and backup power but still shield homeowners from rising electricity costs. To further reduce dependence on the power grid, homeowners can install a home battery with their system.
Home batteries can store unused solar electricity or electricity from the grid for later usage, such as at night, on rainy days or during peak-hour times. Unlike solar panel-only systems, which shut off during a power outage, a home battery can provide backup power during an outage.
Increase your property value
Installing a solar panel system can increase your home value in select homebuying markets, such as California. Homes with a solar system can not only be worth more than similar homes without solar but can also sell faster.
The National Renewable Energy Laboratory found home values can increase by $20 for every $1 saved on electricity bills through solar. Additionally, Zillow found solar homes sold for 4.1% more than comparable homes without solar in a national 2019 study. The 4.1% increase was equal to a $9,274 premium.
Another Zillow found houses with “eco-friendly features” can sell up to ten days faster than similar homes.
Solar homes can see increased value for two main reasons: future savings and consumer preferences. Buying a home with a newer solar panel system — that belongs to the homeowner and is not leased — can offer the new homeowner future utility savings. This can make solar homes more marketable.
Secondly, there is a home-buyer segment that values environmental sustainability and technology. These homebuyers look for energy-efficient and sustainable houses that can save money and match their values.
Federal tax credit
Homeowners have access to the federal Solar Investment Tax Credit (ITC), where homeowners can earn a tax credit worth up to 30% of the total installation cost. By reducing the cost of going solar, the government can alleviate the financial burden of installing solar panels and storage batteries.
While not inherently a financial benefit of going solar, the solar tax credit reduces the initial cost of solar installation. By reducing the cost of going solar, homeowners can see a shorter payback period.
The payback period is the time period that your solar system pays for itself, through the accumulation of monthly utility savings. A shorter payback period means you can get more free electricity for longer.
Homeowners can use the solar tax credit to cover the cost of solar panels, home batteries, related equipment, labor costs, related fees and permitting. The ITC is available to all tax-paying homeowners in the U.S. and American territories.
Is going solar a good financial investment?
Going solar can be a smart financial move for many households. While the initial cost of installing solar panels may seem high, the long-term savings on electricity bills can make it worth the investment. Solar energy systems generate electricity for many years, which can reduce or eliminate the need to pay for power from the grid.
Over time, these savings can add up and outweigh the initial cost of going solar. Enact customers typically see their systems pay for themself in 4-10 years. Solar panels often have warranties that can last for 15-20 years — and can produce energy for many years afterward. This means that homeowners can see over a decade of free electricity.
As utility prices increase, solar can be a good investment for homeowners. Solar can shield homeowners from fluctuating utility costs while producing electricity. Overall, residential solar can be a good investment.
Is going solar a home improvement project?
Going solar is a home improvement project. Installing solar panels on your roof lets homeowners rely on renewable energy produced from free, abundant sunlight. Going solar lets homeowners use their rooftop to generate low-cost, clean electricity.
This not only helps homeowners lower monthly bills and save money but can also increase your home’s value. Combining savings with improving your home’s value makes solar a smart investment in the long run. Plus, by harnessing the power of the sun, you’re contributing to a cleaner, more sustainable future for your family and the planet.
What are the non-financial benefits of solar?
Solar offers multiple financial benefits for homeowners to enjoy but there are multiple other advantages of going solar. Solar energy is a clean, renewable source of energy. This means solar does not rely on substances that could run out, like oil or coal. Solar harnesses abundant sunlight into clean electricity — without emitting carbon dioxide or harmful chemicals into the air.
In many cases, solar panel systems are the only source of renewable energy homeowners can add to their homes. By choosing solar power, homeowners can reduce their carbon footprint and help combat environmental degradation. Installing solar panels can be a tangible way for individuals to take action toward sustainability and environmental stewardship.
Why go solar through Enact?
Enact is a great choice for getting solar panels for your home. We make things easy to understand and give you lots of options. You don’t have to worry about getting a system that’s too big for your house because Enact makes sure it’s just right for you. Plus, our advisors are transparent with how much everything costs, so you know exactly what you’re paying for.
Your input on which kind of solar panels, inverters and batteries you want are included in the design process. Enact systems are customized to your needs and budget. If you need help paying for it, Enact offers multiple financing and payment options.
Enact also keeps you in the loop every step of the way, from planning to installation. Overall, Enact makes going solar simple, gives you lots of choices and keeps everything clear and easy to understand. If you’re thinking about getting solar panels, they’re definitely worth checking out.
The bottom line
There are multiple financial benefits of solar energy for homeowners. Home solar panel systems offer lowered utility bills, monthly savings, energy independence and improved home values. Along with government incentives that reduce the installation cost, solar can be a good investment for many homeowners.
Enact serves homeowners as a trusted advisor in their solar journey, offering simplicity, transparency and customized solutions to meet homeowners’ needs. With Enact’s expertise and support, switching to solar has become a rewarding experience.
By harnessing the power of the sun, homeowners not only save money but also contribute to a greener planet for future generations. To get the financial advantages of solar, schedule a free consultation with an Enact advisor and get a free custom solar proposal. Consider going solar with Enact today and take a decisive step toward financial savings, energy independence and environmental stewardship.
