Can Solar Power Give Me A Return On My Money?
With rising utility costs and a genuine need to conserve natural resources, it’s no wonder that so many people are turning to the sun to power their homes and other devices. Unlike other resources that require mining, drilling and a whole host of other complications, solar power is completely free. However, converting to solar power can be a huge step for a homeowner. The unknown factor may present somewhat of an obstacle, and many people wonder whether or not solar power will be a sound investment. It can be quite expensive to install solar panels and other necessary equipment, so you’ll want to think about it carefully before you proceed.
Your first step should be to examine what tax credits and incentives will be available to you. These can help to offset the cost of your solar panel installation. The federal government is offering a 30% Investment Tax Credit (ITC) right now, so it could be the perfect year to complete your solar power project. Many experts believe that this tax credit will be significantly reduced by 2017, so if you are certain that you want to switch to solar power, you should begin your installation as soon as possible. It’s also quite possible that there will be incentives specific to your city or state, so it is in your best interest to discuss your particular situation with a tax attorney and discover what benefits will be available to you. Depending upon what’s being offered, switching to solar power may be a very attractive option.
Once you’ve determined what your costs will be after possible rebates, you will want to look over your energy bills for the past year. If your energy bills are not that high, then it may take awhile to recoup the cost of your investment. Also, there could be personal factors involved in your decision. For instance, if you’re planning on moving within the next few years, that should play a part in your thought process. However, if you have determined that it will be cost-effective over the long run, it may be time to receive a consultation from a solar power installation expert. Working with someone who deals with solar power on a daily basis, you should then possess a solid understanding of whether or not solar power will be financially advantageous for you personally.