Sandbridge Real Estate Net

5 Reasons Why Sandbridge Homeowners Invest in Solar Panels

As a state, Virginia is friendly to solar power. If you own a home in Sandbridge, you may have noticed some of your neighbors installing solar panels. Why do so many homeowners invest in solar panels? It might be a project you are considering for your home.

With solar power becoming more affordable and accessible in recent years, it could be a good time to invest. This post will cover some reasons Sandbridge homeowners are investing in solar panels.

Reasons Homeowners Invest in Solar Panels

Save on Energy Bills

One of the top benefits is reducing dependence on the grid and saving money on utility bills. Rising energy prices are making solar a more attractive option with each passing year. According to EcoWatch, a solar installation in Virginia costs about $2.75 per watt. That means an 8-kW system costs about $22,000 to install. Estimates for the payback timeline range from about 10-12 years. Most systems also last for over 20 years.

Protect the Environment

Natural gas accounts for most of Virginia’s electricity generation. While it is cleaner than coal, it still contributes to greenhouse gases in the atmosphere. For many Sandbridge homeowners, this is another reason to install solar panels. With the right solar array, you can significantly reduce or eliminate your dependence on the power grid. It can be one of the most effective ways to reduce your carbon footprint.

Tax Breaks

Beyond saving money on utility bills, you can also take advantage of various tax breaks for installing solar. One of the best is the federal tax credit for installing solar on your home. Homeowners can get a tax credit for 30% of the solar installation cost. If you are talking about an 8kW $22,000 installation, the tax credit could bring the price down to $15,400. As of this writing, the 30% tax credit is available for new systems until 2033.

Net Metering

Solar power can offer more value than just the electricity you use at home. With net metering, homeowners can make money off the electricity their panels produce. The excess can go to the grid if your panels generate more than you use. You can then get credits for the excess electricity your system contributes. These credits can further cut the cost of your energy bill.

Solar Renewable Energy Credits

You can also generate value from your panels with Solar Renewable Energy Credits (SREC). SRECs are credits you can earn for producing clean energy. You can then sell these credits to utility companies on a market. Utility companies buy these credits to avoid fines for not meeting renewable energy targets.

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This entry was posted on Tuesday, December 27th, 2022 at 2:38 pm and is filed under Buyers. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.