Solar panels become one of the most sought after pieces of technology in American homes. While it has attained massive amounts of popularity for its ability to reduce energy costs and prevent the use of fossil fueled energy sources, very little is known about it by the general population. Here are some of the most commonly asked questions about Solar power.
What are the most commonly asked solar power questions?
- How does solar power impact property value?
2. How much does going solar cost?
3. How long will my solar system last?
4. What is the Federal Tax Credit?
5. Do they work in a blackout?
How does solar power impact property value?
Properties that have solar panels are usually sold for more than houses without them. Generally, property value goes up by quite a margin when installing solar panels. You can expect an increase of more than that kitchen renovation you were planning on too. LBL’s analysis of over 20,000 home sales proved that property value for solar panels actually goes up in most states.
How much does going solar cost?
It depends on the size of your home and the amount of power your home normally needs. There are also incentives you may be able to take advantage of, like the Federalists; Tax Credit which we will get to soon. However, different states charge different amounts of money per watt.
Florida sells at $2.73 per watt while California sells at $3.03 as of 2019. If a house in Florida requires 1000Kwh the price of the solar panel system will be $27,300. However this price is severely dropped when incentives and tax credits are involved.
How long does a solar system last?
Longevity is one of the best parts about a solar electric system. Generally a system should easily generate energy for up to 40 years. However, individual parts may need to be replaced or repaired before that. Solar electric systems are built to last, being able to resist damage from the elements, wind, rain, and hail.
What is the Federal Tax Credit?
The federal tax credit is a credit of 30% of the installation of a solar electric system. As we have determined the cost of a Florida house with a require ment of 1000kwh to be $27,300, we can conclude that in the year 2019, the cost for a solar installation would cost $19,110.
However, this may not be the case in the years to come. The higher demand for solar energy will cause the Federal Tax Credit to offer less in the years to come. Get your solar electric systems while their hot!
Do they work in a blackout?
Short answer yes. Long answer: it depends on if the system is connected to the grid. If it is, then your power will be turned off to allow repair men to be able to work in safety. The current your house produces heads back to the grid which can be dangerous. However, if it is not connected to the grid, your power will be able to run unhindered.
Solar electric systems offer a lot in terms of durability, usability, and profit for you, your family, and your home. While the Federal tax credit will reduce in value over the coming years, there are still state incentives that you can look into to maximize the ROI on your Solar electric system.