It’s taken as a given that “going solar” makes sense for the planet: It reduces the amount of electricity a power plant needs to generate which cuts emissions going into the atmosphere that lowers the risk of climate change and, as a result, lightens your carbon footprint so much it’s as if you planted thousands of trees.
The real issue for most people, though, is this: Does working with Cedar Creek Energy make sense for me – and my bank account – as a homeowner – to invest in installing solar panels on my roof or property? The answer is almost always “Yes,” whether you live in an urban, suburban or rural area. Here are seven solid reasons why.
- The value of your home goes up. Like remodeling a kitchen, installing solar panels will have an immediate, positive impact on the value of your home – at a minimum by the overall cost of the project. While other factors also go into determining the value of your home, many homeowners say that going solar immediately increased equity, and made their home more saleable.
- The government pays part of the cost. Thanks to a combination of tax credits and exemptions, Minnesota is one of the top 10 states for residential solar power – surprising given that the state receives much less sunlight, especially in winter, than Florida, Arizona or Southern California. These savings have the effect of creating a 26% tax credit (not just a deduction) the first year.
- Most banks will finance 100% of the cost at favorable rates. Bankers love solar-powered homes, partly because they know that the panels will reduce the owner’s electricity costs which makes it easier for the loan to be repaid and because the value of the dwelling rises as soon as the system is activated. Loans on homes where the value is going up are almost never defaulted on by the borrower.
- Solar is cost-efficient. Solar energy is highly efficient, much more so than electricity purchased from your local utility: As long as the sun continues to shine – which astronomers say will be for another few billion years – solar energy will be free, you’ll never contend with rising electric bills, and the panels you install require almost no maintenance. Most have a 25-year warranty.
- Your local electric company will purchase your extra power. Net Energy Metering means that if you generate more electricity than you use in your home, the local utility is required to buy the excess, generally at the same rate at which you buy it from your energy company. While few homeowners eliminate their electric bill entirely, we know of at least one owner who not only did so for all but the hottest and coldest months, but also received a check every month for the extra electricity bought by their local utility.
- You contribute to job growth in the U.S. Regardless of your politics, the fact is that jobs in the solar industry are being created nearly 20 times faster than in the economy as a whole. Whether someone you don’t know gets a good job in a growing sector may not matter to you, it does matter a lot to the nearly quarter-million men and women employed by the industry, and the 30,000 people who start working in solar every year.
Even in northern states such as Minnesota, Wisconsin, Iowa and the Dakotas, Cedar Creek Energy solar for your home makes sense – and cents – for homeowners. And since it’s possible to have solar installed for zero dollars down, the combination of tax credits and other incentives plus the annual savings in energy means your solar system will pay for itself in 6-10 years, likely before your mortgage is paid off. Learn more about our Residential Solar services >