The Financial Benefits of Solar Panels

When you use grid power, you are constantly incurring a cost. Electricity is already pricey and the cost only continues to rise each year at a rate of 4 to 7 percent. The reason for this increase in price is that grid power relies on nonrenewable energy sources, which are very gradually running dry. The demand for energy will stay relatively consistent, but the supply will continuously decrease. Using the laws of economics, we can see why the price will steadily increase over time in regards to traditional energy. So what is the alternative?

To avoid these extreme price increases, you should consider investing in solar energy in Arizona. Solar panels don’t rely on nonrenewable energy sources like grid power, but rather a power source that is abundant: the sun. The following is a list of benefits you will receive from installing a power system that runs on solar energy in Arizona:

Reduced Energy Costs

Solar panels only require the sun’s abundant, natural light to function, so you can save money on power now and rest at ease knowing you won’t have to pay a fortune years from now when energy costs have skyrocketed. Some systems work along with a traditional power grid, but even then no other fossil fuels or solar thermal heating systems are needed for the solar power system to work. By installing solar panels, you can reduce your current energy costs by as much as 50 percent. Another perk of the solar power system is that if it generates more energy than you use, the surplus energy will be sent to the main power grid and you can receive a credit on your bill.

Home Value

When you add solar energy in Arizona homes, you can expect an increase of approximately $20 in home value for every dollar saved in energy costs per year. The average life span of a solar panel system is between 25 and 35 years, so you could receive up to an $8,500 home value increase. With the cost reduction on your energy bills and increase in home value, your solar power system can actually pay for itself in three to five years.

Tax Incentives

Federal and state governments offer tax incentives to encourage homeowners to install solar energy in Arizona. The average solar panel system can cost up to $22,000 to install, but the tax credits can make the cost much more affordable. The IRS and U.S. Department of Energy offer a tax credit of up to 30% of the cost that coupled with the state and utility rebates can cover up to 50% of the total cost.

Solar panel energy systems will be beneficial for you now and in the future, especially in terms of cost saved.  At G&S Electric, a premier company specializing in solar energy in Arizona, we have a team of experienced professionals who can share their knowledge on solar panel systems and walk you through the process of installation at your home. Please give us a call today at (602) 493-1135 or contact us online to learn more about solar energy in Arizona.

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