Texas has boasting rights for many reasons, and one of them is not for a reason you would expect! Generating more electricity from more sustainable sources than any other state for several years now, Texas is a leader in producing energy from renewable energy sources with almost 30% of its energy from wind and solar sources, according to ERCOT. Investing in renewable energy makes good sense for Texas, as the state that both produces and consumes the largest amounts of energy. With vast amounts of sunshine throughout the year, solar power is one avenue that is becoming an increasingly popular choice for consumers. Texas is only second to California in producing solar power, and produces over 12% of the entire nation’s solar power! Despite its increasing use of solar, many Texans may worry about the cost of installing solar panels and whether it is an economical investment for individual residents in the long run. So, let’s shine some light on this.
Are there incentives of going solar?
Absolutely! And there are a few different reasons why.
While there are no state tax credits or rebates, many local municipalities and even some utility companies offer incentives to residences that produce solar power. You may recall the concept of net metering from our previous blog. Net metering means that you can use your own personal solar panels from your home to generate an excess amount of solar power that actually supersedes the amount of energy you’ve used. This extra “net” energy can put some money back in your pockets. Utility companies may provide you with credits for the net energy you’ve produced because this extra energy goes back into the electrical grid, helping to provide power to other homes in your neighborhood. This helps the entire grid work more efficiently.
Rebates and credits
Some utility companies offer rebates of up to $2500 for installing solar panels. And as an added bonus, if you install panels that are locally made, you may be eligible for an additional $500! If you live in Austin, Texas, you may be eligible for Austin Energy benefits, which will pay you $0.097 for every kilowatt-hour of energy your solar panels produce. That’s almost like a steady flow of passive income!
More rebates and credits may be offered specific to your region. Consult with Arrow Energy to learn about what credits you may be eligible for based on your zip code, and how Arrow Energy can help you maximize your rebates and credits.
Value of your home
For all of these reasons, many homes and businesses have been making the switch to solar, making homes that already have solar panels installed to be much more desirable. In fact, some reports suggest that solar panels can add up to $24,000 to the value of your home in Texas! Other reports have calculated that for every $1 you save in your annual energy bill, thanks to solar power, you’ll see an increase in your home value by $20!
One Zillow poll revealed that energy efficiency was ranked as a “very to extremely important” feature of a home by almost two-thirds of the sample. In another very large study by the US Department of Energy’s Lawrence Berkeley National Laboratory, home buyers would pay $15,000 or more for houses that already had solar panels installed in them.
How long do solar panels last?
Solar panels can last up to 30 years. Most manufacturers offer warranties of 25 years or more. As a home owner, it’s worth keeping up on solar panel maintenance to ensure it runs efficiently and smoothly. This can simply involve using a soft brush or broom, a hose, and some soap to give your panels a quick clean. Inspect your panels once a year. You can add this to as part of your home energy audit checklist. We assure you it’ll be worth it in the long-run
Read our Solar 101 blog to learn more about the advantages of solar, how it works, and how much it may cost you if you’re interested in making the switch.