Socrates of Solar
Why Solar is Worth the Investment
Updated: Dec 1, 2022
Let’s face it. There are a lot of companies out there that claim to help you save thousands of dollars on your energy costs by switching to solar. But the real truth is that it can be a little more complicated than just getting panels and seeing a decrease in what you pay for electricity.
However, that doesn’t mean that it isn’t still a really great idea to switch. There are numerous reasons why this change is a smart and sensible option for your home or business. Here are a few factors that you need to take into consideration when asking if solar is worth the investment.
1. Drastic Reduction in Energy Bills
Of course, the first thing you hear every solar installation company say in their advertising is that you can see a drastic reduction in energy bills. This is true and has a lot to do with the fact that you aren’t dependent on your local power company. By the time you cut out their hefty rates, extra taxes, and ridiculous service fees, the amount you pay each month is greatly reduced.
Granted, renting or financing your system also adds a separate bill to your monthly costs. This is why our Morton Solar team suggests researching what you currently pay and comparing it to what it would be after you add solar.
2. Property Value Increase
One of the most overlooked benefits of switching to solar is that it increases the overall value of your property. If you’re planning on selling your home or business in the future or just want to increase your overall equity, adding panels is a wise idea.
In fact, going this route can easily add several thousand dollars to the overall asking price of your listing. A study by the Department of Energy (DOE) suggests this could be above $15,000 to $20,000. It can also attract more buyers who are looking for this level of sustainability as part of a greener way of living. In turn, this can give you the upper hand as the seller and ensure your property spends less time on the market. Additionally, solar is property tax-exempt in Indiana and Illinois. If you reside in these areas, you don’t pay extra property taxes when your house value goes up.
3. Tax Savings
Of course, you can’t forget about the immense tax savings you receive when switching to solar. Americans have made it abundantly clear that clean energy is something we want to get better at implementing. That’s why the government has established multiple pieces of legislation allowing tax breaks for those who make the switch. Currently, the federal tax credit is 30% from 2022 through 2032.
How much could you receive? Really, this depends on your situation and the amount you spend on installing panels. The year in which you have the work completed is also a factor. However, it is usually a pretty large chunk of your installation costs, which can really add up to some big savings.
4. Better Commitment to Sustainability
It’s important to realize that the benefits aren’t always financial or tangible. By switching to solar, you’re also showing the world that you have a better commitment to sustainability. What does this mean? Well, we all know that clean energy is an important part of ensuring our planet is habitable for future generations.
When you switch the way your home or business receives power to solar, you’re making it known that you’re willing to do what it takes for the environment. For a lot of people, this means a lot and is a personal goal.
5. Creates Jobs in Your Local Area
One really overlooked reason why switching to solar is worth the investment is that it creates jobs in your local area. Our Morton Solar team is always growing and we’ve heard from many of our contacts in the same industry that they’re experiencing the need for more workers, too.
While this might not be your primary reason for adding panels to your home or business, it is definitely a bonus effect. The end result of your decision is that more people in your local area get to have a steady job that impacts the environment in a positive way.
We Can Help with Your Switch to Solar
At Morton Solar, we’re here to answer all of your questions about switching your home or business to solar. Please contact us today for a no-obligation quote and to start the discussion.