Solar power and other renewable energy sources offer a wealth of benefits over traditional fossil fuels. For example, once solar panels are manufactured and installed, they send zero carbon emissions into the atmosphere, meaning that their contribution to climate change is minimal.
Despite recent pushes to adopt renewable energy by some of the largest and most affluent countries, it has yet to overtake fossil fuels as the most common power source. Nevertheless, this trend may be reversing as individuals and corporations become aware of not only the ecological benefits of solar energy but the economic advantages as well.
- Tax Credits
The federal government currently offers income tax credits to people who purchase solar panels. However, people who want to take advantage of the solar ITC New Jersey need to act quickly as it will be phased out entirely after 2021. In 2020, prior to the phase-out, the federal solar tax credit decreases the cost of installing solar panels by 26%.
- Reduced Energy Costs
In the past, solar panels were prohibitively expensive to purchase and install. However, the price has come down considerably in recent years, and as a result, solar power is more accessible to all. After the initial investment, many property owners are able to get most, if not all, of the energy they need to power their homes or businesses from the sun. This can reduce or even eliminate most utility bills.
- Extra Income
Some property owners are able to produce more power than they need from renewable energy sources like wind and solar power. Sometimes they are able to sell the extra electricity back to the power company. Not only do they not pay utility bills, but they can actually make a profit from renewable energy. Rural landowners who can set up solar and wind farms over many acres stand to make even more money from producing renewable energy.
- Increased Property Value
The costs of fossil fuels and the effects of climate change have made renewable energy sources more desirable. Adding solar panels to a residential property can increase its value and help it sell more quickly. For every dollar saved on energy bills, the value of the home increases by an extra 20 dollars.
It is not only individual property owners who stand to reap financial benefits from solar power. As it becomes more widely implemented, it can benefit the United States economy as a whole through energy independence and job creation.