It’s never too late to start planning for retirement, and if you’re interested in a smart investment then solar is right up your alley. Homeowners in South Carolina who make the switch to solar energy experience returns on day one, but the financial rewards do not end there. Solar panel installation is a smart investment, especially when considering your retirement. Solar energy systems provide many long-term benefits that can make your retirement even more comfortable. Check out the ways you can take advantage of solar power as a retirement investment.
Solar PV Panels are a Smart Long-Term Investment
Solar energy systems are a low risk investment opportunity that ensure strong financial returns over time. Installing home solar panels is like investing in successful stocks and bonds, but without the uncertainty and instability that characterize the market.
Home Solar Panels Drastically Cut Your Monthly Power Bill
Once you go solar, your monthly power bills will be drastically reduced. When solar energy is used to meet your power demand, your household expenses will be greatly lowered. This frees up cash to be put toward other retirement investments and funds.
Solar Savings are not Taxable
Your solar energy system provides returns that are different from those associated from mutual bonds or stocks. Solar energy financial returns are not a form of income, returns come in the form of monthly savings and as such are not subject to income taxes.
Home Solar System is Eligible for Incentives
Not only is solar panel installation a great investment, it’s important to consider the massive tax credits (up to 55%!) you can receive upon solar installation. The federal government offers a 30% solar tax credit and some states such as South Carolina offer an additional 25% of the total cost of your solar panel system.
Home Solar System Increases in Home Value
When you install solar PV panels on your roof, you experience the financial benefit in the form of a reduced power bill, but you also increase the value of your home. Studies have shown that home-buyers will consistently pay more for homes that are equipped with a solar power system. That means that when you sell your home you can receive a higher sales premium.
Solar Energy System May Generate Income
Some states have a market for solar renewable energy certificates (SRECs). If you live in a state with a market for SRECs, you may be able to make extra money by selling them. There are also some utilities that offer production-based credits that pay you for the electricity your solar PV panels generate.
If you would like to make solar PV panels part of your retirement plan, get in touch with us today! The solar specialists at Palmetto Solar will assess your available roof space to help you find out how much you can save on power costs by going solar. Please give us a call (855) 339-1831.