Updated: Jun 5
Modern consumers are more conscious about how they’re impacting the environment based on their spending habits and lifestyle choices. Because of that, many companies are developing eco-friendly solutions and operations to gain their customers’ support. One response to this green trend is the popularity and appeal of solar panels for homes to potential home buyers.
Going Green with Solar Energy
Solar panels used to be an alternative source of energy, functioning mostly as a back-up generator. However, depending on the size installed, you can ultimately eliminate your energy expenses if you have a powerful enough system. Besides reducing your energy costs, you’ll also receive several benefits that work to increase your investment as a homeowner.
In this article, we will share three reasons you should invest in solar panels as your home’s energy source.
1) Earn Energy Bill Credits and Cash Incentives
Depending on your home’s location, it can be used as a receiver of solar energy to be distributed back to the system. Households in Canada are eligible to sell their excess energy through a net-metering program. By keeping an eye on the home’s solar panel feed, energy companies can determine if it has more than enough energy used within the grid. If they exceed the household’s needs, the homeowner is granted extra credits on their next bill.
The microFIT program is another incentive that allows homeowners to receive direct payment in cash for the energy that they supply back to the grid. To apply for this arrangement, the person’s solar panel system in place must have a 10kWH capacity at most and must meet proper metering requirements.
2) Receive Offers for Tax Incentives in Installing Your System
Some people are reluctant to install a solar cell system for their home because of its high installation costs, which can be around $20,000. However, some provinces in Canada offer incentives for households to switch to solar power. Listed below are some territories that provide one-time rebates for the net-metering program mentioned above.
Newfoundland and Labrador
Prince Edward Island
If your home is located in any of these areas, you’re eligible to sign up for a net-metering program that allows you to recoup over 20% of your expenses in installing solar panels.
3) Increase Your Home’s Property Value
Solar panel systems can be an attractive feature for potential home buyers. Since these systems are self-sustainable, it can help people who want to distance themselves from the city by living off the grid. It’s also an effective way for homebuyers to save on their projected expenses after paying off their mortgage.
Real estate properties that have solar panels can increase its value by up to 4%, offsetting energy installation costs around $12,000 for a property that has a $300,000 net worth. Although the investment isn’t visible right away, it adds up with the other benefits that solar panels offer, such as tax incentives and reduced energy usage.
Besides giving you valuable benefits as a homeowner, installing solar panels allows you to use renewable energy that decreases your household’s contribution to pollution. Unlike traditional energy sources, it dramatically reduces your carbon footprint and curates a healthier and greener environment since it doesn’t create carbon emissions.
As a homeowner, you should always choose installations to your property that can prolong and increase its value. Solar panels won’t just increase the net worth of your home but will also increase the lifespan of this planet.
Kite Electric is a solar contractor in Edmonton that can help you switch to a greener lifestyle. Contact us today to learn more about how we can fit your home with solar energy and what benefits you can gain.