What Are the Financial Incentives for Going Solar?
The financial incentives for going solar in Colorado have made owning solar panels make sense for households all over the state.
If you are interested in reaping all the financial incentives of going solar, take a look at these four financial reasons to go ahead with a home solar installation. Federal, State and local government subsidies have helped many homeowners become part of Colorado’s green energy revolution. Many homeowners simply buy solar panels to take advantage of the cheap energy they can produce.
1. Solar Panel Savings
Solar panels allow you to save a lot of money on your energy bills. By absorbing the sunlight that falls on your home every day, solar panels generate electricity out of the energy that would otherwise be wasted. This highly-efficient system can lead to significant financial benefits for homeowners, as it allows your home to reduce the amount of energy you have to draw from the grid to run all the appliances in your home every day.
With the cost of grid electricity fluctuating unpredictably and rising unexpectedly, solar panel installation can give you and your family security for decades to come. Over the long term, using a home solar system to generate your own energy will be much less expensive than purchasing electricity from the grid. Estimates of the savings you could make range from $1,000 to $2,500 every year, although the exact amount you can expect to save depends on a range of factors, including the size of your solar system, your electrical usage and the amount of sunlight that falls on your home each day.
2. Invest in Solar, Get Tax Credits
When you switch to solar, you can benefit from tax credits that are available for both home and business owners. The federal government provides a 26% investment tax credit (ITC) as an incentive to encourage Colorado homeowners and businesses to install solar panels, ultimately reducing carbon emissions and promoting the growth of the renewable energy industry. As a result of these tax credits, solar panel installation can be a very effective way to lower your tax bill this year, while also attaining lasting financial benefits. Get a quote from EcoMark Solar to find out more about how much you could claim in tax credits when you have solar panels installed.
The federal tax credit is just the beginning. Many utilities give rebates and state and county governments waive sales and property taxes.
3. Solar Adds Financial Incentives to Your Home Value
If you plan to sell your home at some point in the next few years, you may be wondering whether solar panel installation is worthwhile. Even though moving homes after solar panel installation means you won’t be personally experiencing the ongoing benefits provided by the home solar system, you may be able to command a higher price for your home. Research sponsored by the Department of Energy and the National Association of Realtors shows that today’s home buyers are prepared to pay significantly more for homes that have solar panels. Don’t let a desire to move in the near future put you off getting a Colorado solar system, as you are likely to get a financial benefit whether you move or stay in the home.
4.An Added Benefit of Going Solar is EcoMark’s $300 Referral plan
If you use EcoMark Solar for your solar panel installation, you have the opportunity to earn even more Colorado solar financial incentives. If you tell a friend, neighbor, colleague or family member about EcoMark Solar, you will receive a payment of $300 when they get their new panels installed. It is a win-win situation: you get an upfront payout and your friend enjoys long-lasting savings as a result of their solar panels. Why not spread the word about the benefits of solar? Not only will you and your friends be financially better off, but you will also have the satisfaction of knowing that you are helping to protect the planet.
It is clear to see that investing in solar panels for your Colorado home provides many financial incentives. From tax credits and utility rebates to referral bonuses and increases in your home’s value, installing solar panels can lead to many financial benefits — some of which kick in immediately, some of which show themselves gradually over the long term.
If you want to learn more about the Colorado solar incentives that could be available for your home or business, explore the information on our website or contact us directly at EcoMark Solar. We can explain options that can assist in funding your installation and help you work out whether solar panels make financial sense for your household.
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