Why you should take advantage of that extra cash to improve your home with solar energy.
Tax season is quickly approaching and with that, people tend to start planning what they’d like to do with their tax returns. Even though some people like to take advantage of this extra cash and go on vacation or a shopping spree, this TurboTax article explains that there are 12 smart things you could do with your tax refund, and one of them is focusing on making home improvements including energy efficiency measures such as solar power.
What is Solar Energy?
The Solar Energy Industries Association defines solar energy (also referred to as solar power) as “energy from the sun that is converted into thermal or electrical energy.” Their website explains that “is the cleanest and most abundant renewable energy source available, and the U.S. has some of the richest solar resources in the world. Solar technologies can harness this energy for a variety of uses, including generating electricity, providing light or a comfortable interior environment, and heating water for domestic, commercial, or industrial use.”
How Much Will It Cost?
When it comes to solar energy panels, there really isn’t a “one size fits all,” as final pricing will be determined by multiple factors. A few things that will affect how much you invest are:
- Location, as sunlight exposure where you live and the amount of shade you get each day can make a big difference
- How much energy you regularly consume and what size system will generate the amount you need
- Installation costs depending on the company you choose
- Available Incentives: Some local governments and utilities offer incentives, but the IRS offers an investment tax credit to everyone. 2019 is the last year to install solar and qualify for the credit that is 30% of the total costs of installing a system.
- In addition to the 26% IRS tax credit, businesses can qualify for depreciation incentives
This NerdWallet.com article explains why solar panels will help you save money
Generally speaking, it’s important to know that solar panels will continue to generate and save money on your energy bills for more than 20 years, as homeowners start saving on utility bills almost immediately after installation. Further, like other home improvements, solar power systems increase the value of the home, thereby adding an additional element towards return on the investment even if you sell the home before the end of the system’s lifespan.
Click here to learn more about tax incentives, rebates, discounts and savings with solar energy at your house.
Can I Do it Myself?
Even though you might save a few dollars by installing solar panels yourself, the Georgia Solar Energy Association explains that a professional assessment will examine:
- The age of the roof (the newer the better).
- How the house is situated (a south-facing rooftop is best).
- Shading of the rooftop from trees or surrounding buildings.
- Options for a ground-mounted system.
- Zoning codes or homeowners’ association rules that do not restrict or prohibit solar option
By having a professional do the work, you are not only making the process much easier for yourself, but you are ensuring safety for your family and the entire neighborhood, as well as having the installer’s warrantees for additional peace of mind.
If you’re thinking about using your tax refund to improve your home with solar panels, contact us today to get a free evaluation and estimate!