If I were to select one word that would best describe the way the mood of Americans is heading in terms of society and industry, it would probably be “green.” More and more Americans are sitting up and taking notice of how we treat the world we live in and are concerned with how we can improve this treatment. Regardless of what you position is on controversial issues like global warming, it is difficult to argue with the contention that we need to do more in order to leave a habitable world for our children.
Fossil fuels are one of the most aggravating factors behind pollution in general, which makes the issue of installing solar panels whenever possible a boon for the environment. However, can solar panels actually save you money if you install them in your home? Let’s take a look!
With the increased level of environmental awareness that we enjoy in the day and age we live in comes the response by the government on what stance and steps they are willing to make. Fortunately for us, the White House realizes that saving money and the environment are truly important to the lion’s share of average Americans. A a result, tax incentives have been offered to people who install solar paneling in their homes.
As a result, the Solar Investment Tax Credit (ITC) was born. The ITC provides a 30 percent return on any costs associated with installing solar panels in your home. This tax credit would apply to both new homes and existing ones looking to upgrade to solar.
While a tax credit is good and all, it only applies to the actual installation of the panels. Given that you undoubtedly footed the bill for installation yourself, you would still be behind by 70 percent of what you originally paid.
This remaining installation cost is fully recouped when you add in the savings you receive by not haying to pay traditional energy costs. Current estimates put the amount of money saved by using solar energy at around $600 on average each year. While it may take a little while, this savings will allow you to recoup you investment and continue to save money once it has been paid off.
Do you have solar panels in your home, or are planning on getting them? Let us know in the Comments section below!