If you follow the news or pay attention to current events, you probably know that our planet is in a bad place. One of the major reasons behind this stems from our methods of energy production.
We burn coal, oil, and gas to create electricity. Not only is this leading to the destruction of our planet, but this type of energy production is also on borrowed time. We are running out of fossil fuels.
Solar energy is an answer to these problems. But is it worth it for homeowners to go solar in Kentucky today?
We think the answer is yes. Keep reading to find out why.
Kickbacks From Uncle Sam
First, even though the federal government has been slow to make significant changes, it is willing to award homeowners who take a green energy initiative. For the time being, homeowners who invest in solar in Kentucky are eligible to receive a 26% tax credit on their next tax return.
By reporting your solar installation expenses (equipment, materials, and installation fees), you can reduce your overall costs. This is more than a quarter of your bill.
Massive Savings On Your Energy Bill
Next, let’s look at your monthly and yearly savings after hiring a solar company to outfit your home with solar energy. The average homeowner spends around $115 a month on electricity. Over the course of a year, that’s almost $1,400.
Now, considering that most whole-home solar energy systems in America cost around $14,000, this means your solar system will pay itself off in 10 years. Of course, the timeline is actually much shorter when you include the solar tax credits above and the incentives we have yet to cover.
Kentucky Incentives and Rebates
If you’re thinking about going solar in Kentucky there are some interesting solar rebates and incentives exclusive to you. For example, Kentucky has a net metering program that allows homeowners with solar to sell unused energy back to the electric companies.
Additionally, if you use the Tennesee Valley Authority utility company for your electricity, you can get a $1,000 rebate for installing solar in Kentucky. They will also pay you a feed-in tariff of two cents per KWh you produce.
If this sounds good to you, click here for more information on how to go solar in Kentucky.
Home Equity ROI
Finally, let’s look at how a solar installation can improve the value of your property. It’s no secret that solar energy is the way of the future. Therefore, buyers looking for modern homes will pay more if they’re already set up with solar power.
This will allow you to demand more for your home if you end up selling it in the future. If not, the added home equity can be used to refinance your house, take out a HELOC for more renovations, or consolidate smaller debts with higher interest rates.
Ready to Go Solar in Kentucky?
Clearly, there are a lot of good reasons to invest in solar in Kentucky. If you can afford it and are ready to start enjoying these benefits, contact a solar company in your area today. They can help you get everything set up so you can start saving.
And if you want more lifestyle advice or tips on home improvement, don’t go anywhere. Our blog is here to provide all the answers to life’s many questions. Check out some of our other articles while you’re here.