Solar panels have been an exciting option for sustainable energy for years, and as the industry continues to grow, it may be a way that consumers can take advantage of saving and even earning money by participating in the market. Here are three creative ways that you can make some of your money back by installing solar panels in your home.
Get a Tax Credit
Your community may be willing to support your solar panel purchase by helping provide financial assistance towards your purchase. This support can come in the form of a rebate, a state tax credit or a subsidized loan. While these benefits vary from state to state, there is a federal tax credit called the investment tax credit that is accessible to all in the United States. This solar ITC New Jersey may also be referred to as the federal solar tax credit. In 2020, both residential and commercial locations will receive a tax break totaling up to 26% of their solar panel costs.
Invest in Stock
Another unique approach to making money with solar panels doesn’t necessarily mean installing them in your home at all. As the solar energy market grows, it may be a good time to invest in a publicly trading solar company. This option may yield the highest financial return but requires a comfortableness with risk tolerance.
Install Solar Panels for Your Home
Installing solar panels on your home may drastically reduce your utility bill, providing you with a direct and consistent source of savings. It can be helpful to analyze the rooftop space available on your home to estimate potential savings. This can be done quickly by searching for your address in a savings calculator.
Each of these options may be a helpful consideration when looking into an economical way to make a solar panel purchase. By combining the ideas above, you may even save more than you do with your current energy provider. Be sure to do your research before making your next solar panel purchase to see which benefits apply to you.