With its exceptionally sunny skies and wide-open spaces, Texas is the perfect place to go solar. While the switch to solar can feel like a big investment, it has the potential to truly pay off in the long run. Wondering what financial benefits of going solar are possible? Here’s a look at just what you can look forward to upon making this smart move.
Get Tax Incentives
When you upgrade to solar power, you might be eligible for federal tax credits. From 2020 to 2022, the federal tax credit is 26% of the cost of the solar panels, while systems installed in 2023 get a 22% credit. After that, the credit expires, so you have to act fast if you want to claim it.
If you do qualify, you apply the credit to your total amount of income tax owed for the year. Your savings will then offset the cost of your solar panel system by $1,000 or more, depending on what you paid for it and how much you owe in taxes.
On top of the federal tax incentives, certain cities and utility companies offer their own rebates. If you live in Austin, for example, Austin Energy may give you up to $2,500 back. Other entities offering solar panel incentives include the City of Sunset Valley, CPS Energy, and Guadalupe Valley Electric Cooperative.
Decrease Monthly Bills
With solar panels using the sun’s energy to power your household, you have to rely on the power grid a whole lot less, decreasing your monthly bills all throughout the year. In the Wichita Fall, TX area, for example, you could cut your expenses by $5 to $30/month.
In the summer months, you could even earn metering credits that reduce your future bills even more.
Earn Metering Credits
Despite the lack of a net metering policy statewide, many cities across Texas offer credits on your bill if your solar panels feed energy back into the system. With solar power, anytime your home doesn’t use up all the power your system creates, it goes back into the energy grid.
Then, you earn credits that offset your upcoming bills, allowing you to further reduce your monthly expenses over time. Over the life of your system, you can save tens of thousands of dollars on future energy costs by going solar – PLUS – you will own your own energy.
Boost Property Value
When you install solar panels on your home, the upgrade has the potential to increase your home value by 20% to 25%. The panels add interest to the property as well, bringing in more buyers than nearby dwellings without solar upgrades.
Buyers like that the solar panels give them some freedom from the Texas power grid, especially in light of recent outages. On top of that, they look forward to saving money on their energy bills and getting credits from the power company.
Switch Your Texas Home to Solar Power TODAY and start Discovering the Financial Benefits of Going Solar!
If you want to harness the power of the sun and truly realize the financial benefits of going solar, it’s high time to switch your home to solar power – and we’re here to help. At South Plains Solar, we make your solar conversion easier than ever. All you have to do is reach out to our team at 855-775-2467 and we’ll design and install a system that works perfectly for your needs.
Ready to get started? Please feel free to give us a call today.