Solar power is becoming increasingly popular as a source of energy for homes and businesses alike. This trend is driven by the financial benefits that solar power offers, which are being championed by leading companies in the industry.
Firstly, solar power significantly reduces electricity bills. After the initial installation cost, the sunlight used to generate electricity is free. Thus, households and businesses can save a substantial amount on their utility bills. According to EnergySage marketplace data, homeowners who switch to solar can expect to see their electric bill drop by 75%, saving them an average of $1,400 in the first year alone.
In addition to reducing electricity costs, North Valley Solar Power also provides opportunities for earning money back through net metering programs offered by many utilities companies. Net metering allows homeowners with solar panels installed on their property to sell any excess electricity they generate back into the grid. This not only offsets their own consumption but also earns them credits on future utility bills.
Moreover, there are numerous federal and state incentives available for those who choose to install solar panels. The Federal Investment Tax Credit (ITC), for instance, allows homeowners and businesses alike to deduct 26% of their solar installation costs from federal taxes until 2022 end when it will be reduced gradually each year after that.
Furthermore, installing a solar panel system increases property value significantly. A study conducted by Lawrence Berkeley National Laboratory found that home buyers were willing to pay more for homes equipped with an average-sized photovoltaic system than similar homes without one.
Leading companies like Tesla have recognized these financial benefits and have developed innovative solutions designed specifically around maximizing savings from using Solar Power systems at home or business premises. For example; Tesla’s Powerwall battery stores surplus energy generated during daylight hours for use when needed most – typically during peak evening usage times when grid prices are highest – thus providing additional cost savings.
Another leading company Sunrun offers flexible financing options including leasing or purchasing solar panels, which makes it easier for homeowners to start benefiting from solar power. They also provide a performance guarantee that ensures your system will produce the amount of energy promised.
In conclusion, the financial benefits of solar power are manifold and significant. Leading companies in this field are developing innovative solutions and offering incentives to make it even more attractive for consumers to switch to this renewable source of energy. It is clear that there has never been a better time to consider harnessing the sun’s power for our electricity needs.
North Valley Solar Power
4695 Chabot Dr Suite 200-C, Pleasanton, CA 94588
925-966-2688