Solar Power Savings – Bigger Than You Could Imagine!
Solar power savings are obviously the main motivating factor in a homeowner's mind when he or she considers harnessing the limitless, free power that the sun provides. This is a totally clean energy, so there are substantial ecological and health benefits as well, but getting that burdensome and ever-increasing utility-bill monkey off of their back is usually the prime motivator, and monthly solar savings is the primary goal.
But solar savings can come in many more unlikely and welcome forms. The U.S. government has made a commitment to solar energy promotion, and this reveals itself in tax rebates, tax incentives and outright subsidies. Your local government will in many instances chip in with some reward for your clean, alternative energy efforts as well. And believe it or not, solar energy savings can also be found in the form of property tax exemptions and property value increases.
If you look a little deeper, you will also find what I call “repatriated solar power savings.” That means that money saved in one area is now freed up for use elsewhere. So this is like a double-whammy of financial goodness! Take the financing of a solar water heater for example. If you use a home-equity loan at say 8% on a $1,500 note, and your savings fall in the typical American family's range for this type of solar device, your monthly payment depending on several variables would be about $25 to $40. Since the typical American solar hot water heater setup returns 17% to 30% of your total utility bill, you are looking at immediate, Day 1 monthly savings of $30 to $100 (depending on a slew of variables, but these are solid average numbers).
So from Day 1, you have someone else finance the cost of your solar power savings, and your payment is made by the device that was installed! Have you ever had a car pay for itself? I didn't think so! How about your standard water heater; does it pay you back in the form of anything other than hot showers? It does not, and it actually asks for more money every month to feed to its supplier, the evil utility company! That is why solar power savings are so wonderful. You finally get to save money, help the environment, create independence from the foreign oil countries that hold us hostage, and your investment pays itself off.
And let's not forget that Uncle Sam, for once, actually gives you money back. That's right, in the example above for instance, Uncle Sam would allow you to write off future tax increases equal to the amount of your solar commitment. The next $1,500 in property tax increases is on the house, literally (sorry, I couldn't help myself). And using the widely accepted residential upgrade multiplier of 125%, that $1,500 investment just added $1,875 to the value of your home. Solar power savings just can't get any better than that, or can it?
On top of that, the federal government gives out non-repayable grants in certain cases. While these only exist if particular circumstances are met, they are just gravy on top, because your investment has already taken care of paying for itself. And local communities and commonwealths and even utility companies often make percentile subsidies available to enhance your solar power savings as well.
The negatives to implementing some type of solar plan just really don't exist, aside from the initial investment. Federal rebates and tax incentives, local subsidies, your investment paying itself off and putting a few dollars in your pocket besides, and cleaner air and a healthier planet, as well as free energy after your solar device pays itself off; these characteristics of solar energy are just amazing, and why solar power savings can add up to a bright future for you and your wallet.