As more home and business owners seek ways to cut energy costs and reduce their environmental impact, solar energy has become an increasingly attractive option. However, many people are unaware of some of the most compelling benefits of installing solar panels on their property. Here are some surprising facts that may convince you to make the switch.
1. They can generate power even on cloudy days
One common misconception is that solar panel systems only work when the sun is shining brightly. In reality, they can still generate electricity on cloudy days, as they absorb diffuse sunlight. They can also store energy generated during the day for nighttime use. While output is lower in overcast conditions, modern products can maximize efficiency even in less-than-ideal weather conditions. In some cases, solar panels in cooler, cloudier regions can perform better over time than those in extremely hot climates, where excessive heat can reduce efficiency.
2. They can significantly lower your electricity bills
Installing solar panels can dramatically reduce—or even eliminate—your monthly electricity bill. By generating your own electricity, you rely less on the power grid, leading to substantial savings. Some homeowners and businesses even generate surplus energy, which they can sell back to the grid through net metering programs, further offsetting costs.
3. They increase your property value
Adding a solar energy system to your home or business can boost the property value. Studies show that homes with solar panels sell faster and at higher prices than those without. Prospective buyers recognize the long-term savings and sustainability benefits, making solar installations a valuable investment.
In Michigan, solar property tax exemptions allow homeowners to remove the added property value of solar panels from the valuation of their home for tax purposes, so your property taxes will still reflect the (lower) presolar value of your home.
4. They are more affordable than ever
Many people mistakenly think solar panels cost too much money to be worthwhile, but that isn’t necessarily the case: the cost of solar panel systems has plummeted by 90 percent over the past ten years.
State and federal governments also offer significant financial incentives for homeowners and businesses investing in solar energy. These include federal tax credits, grants, and accelerated depreciation benefits. For example, homeowners and renters can get 30 percent of costs covered, while businesses can get 20 percent covered. These incentives help property owners cut upfront costs and achieve faster returns on investment; many recover their investment within just a few years through energy savings.
5. You can get affordable financing with green banks
Green banks, like Michigan Saves, offer consumer-friendly financing for solar arrays. Michigan Saves, the nation’s first nonprofit green bank, offers low fixed rate loans to finance solar panels, energy efficient appliances, and other energy-saving upgrades. We can help you turn your home or business into a comfortable and efficient space with solar panels and other energy upgrades, such as energy efficient windows, air sealing, and HVAC .
Get started with Michigan Saves by finding an authorized Michigan contractor in your area and unlock new energy-saving opportunities.
