The cost of solar panels has changed over time as technology has improved and the installation process has become more streamlined. That has made solar an affordable option for many homeowners across the country. If you’re wondering how your solar investment might play out over time, you can learn more about the financial benefits of solar panels in the article below.
Potential Monthly Electric Bill Savings
When you create your own electricity, every month you have the potential to save money on your electricity bills. These monthly savings could add up over time and lead to a potentially substantial return on your solar investment, depending on your electricity consumption. This is one of the most measurable and immediate benefits of adding solar energy to your home.
Participate In Net Metering
Depending on your electric usage and utility company, you might be able to benefit from the excess solar energy that your solar panels produce. In the event that there is extra electricity that your home will not use, you can sell that electricity back to the grid in exchange for credits on your next electric bill. This benefit allows you to capitalize on solar energy production that you don’t use and allow for some reliance on the grid when your panels might not be producing at peak levels.
The Federal Tax Credit
To entice homeowners to consider solar panels for their homes, the U.S. government is currently offering a federal tax incentive for solar customers. This program allows homeowners to claim a tax credit of up to 26% of the total cost of their solar system. This percentage will drop to 22% in 2023, and there is no guarantee that it will still be available in any capacity past that year. So if you’re planning on taking advantage of this option, the best time to do so is now.
Solar Property Tax Exemption
If you’re worried about your property taxes rising due to the addition of solar panels to your home, there’s no need for concern. Missouri has an exemption in place that prevents homeowners from having to pay property tax increases directly associated with solar installation.
Enjoy The Financial Benefits Of Solar In Kansas City
Solar panels are a fantastic investment for your home both in the short term and long term. With the addition of a solar system, you can potentially see a return on your investment from month to month and over the years to come. To learn more about how solar energy can impact your personal finances, contact our solar experts at the Pink Energy Kansas City office. We’d be happy to provide you with more information.