Solar power is quickly becoming one of the best investments you can make for not only the future of the planet but your finances as well. Here are some of the economic benefits for homeowners and businesses:
The bulk of Hawaii’s energy comes from burning fossil fuels, which have historically increased at least 5% every year. Photovoltaic solar systems only need the sun’s natural light, a free and limitless source of energy. This ability to generate power without any dependence on nonrenewable fuels translates into reduced energy use, which, in turn, results in direct savings on your utility bill. According to the National Renewable Energy Laboratory, the average residential solar power system can lower energy costs by as much as 50%, but Haleakala Solar can work with you to save as much as you want. Many of the individuals and businesses Haleakala Solar has helped now generate their entire energy needs through their solar systems.
In today’s market, green technology is gaining popularity with buyers and sellers of residential and commercial real estate. A recent study found that for every $100 saved per year through solar energy, the home’s value is increased by $2000. Thus, if you install a photovoltaic system that saves $1000 in electricity cost per year, the added net value to the home would be $20,000. Since energy savings only grow as electricity rates increase, the value of a solar system also appreciates over time. Historically, according to the U.S. Department of Energy, a home that has a solar electric system, will sell faster, sometime 50% more than a home without a system, even in weaker markets.
As energy costs continue to rise, both Federal and State governments are offering tax incentives to encourage solar power. They understand that clean, renewable energy is good for the environment, the economy, and, most importantly, for your family. Learn more about Tax Incentives.