Because every home has different needs, You need to think very carefully about your goals. Switching to solar is a big step when looking to reduce utility bills, the decision you take should be base on how much money you save, and how much can lower your energy costs. Solar Energy market has different financing options available, and you need to take the right decision before buying a solar panel system for your home. We review every customer case to evaluate the main reasons why people choose to buy their own solar system rather than leasing from a third party. So here’s our Top 5 reasons why you should buy your own home solar system.
- Cash is always king. There are no financial qualifiers to meet when purchasing with cash. Cash purchases give the highest return on your investment and offer the lowest cost per kwh over the 25 years your system is under warranty. See the example below.
- When you purchase, you own the equipment and all the power it produces with little to no operation costs.
- Your return on investment is immediate and substantial. For example, let’s say your cost to purchase is $33,000. You avoid buying 12,000 kwh of power from the utility at an annual cost of $2,679. If you put $33,000 in the bank and received $2,679 in interest after one year, what would be your rate of return? 8.1%. Not too bad in our economy today. Where else can you net 8.1% return year after year.
- If there are any incentives available such as tax credits or rebates, you can apply for them which reduces your net cost for the equipment. Right now, there is a 30% tax credit from the IRS if you purchase a solar system for your home. You must owe a dollar in federal tax to get a dollar in credit, but it is available if you have a tax appetite.
- Purchasing a solar system adds value to your home and increases the value of any future sale of your home. A study was made by the Berkeley National Laboratory that gives credibility to this claim. You can read the report here. Berkeley Report Your home becomes more attractive to buyers when there will be little or no electric bill every month.
If you are interested in learning more about how to save money with solar energy Contact Sunlux.