Solar systems' popularity is on the rise. Pew Research found that 46% of homeowners considered installing solar systems in the last year, while 6% have already installed systems. Now, as homeowners look for solutions to increase their energy independence, lower costs, and provide emergency-friendly backup power, they’re increasingly buying all-in-one solar systems that include battery storage.
Read on to learn more about the financial benefits of installing a complete solar and storage system.
Buy a Cost-Effective Emergency Backup Solution
Emergencies happen and can take the utility grid down in a blink. At best, this is an inconvenience; at worst, it leaves you exposed without the power to run critical medical devices, regulate your home's temperature, and more. If you work remotely or run a small business from home, the effects can be even more damaging.
Energy Central reports that a three-hour power outage can cost a business between $10,000 and $20,000. Even if your potential losses aren’t that high, what’s the bottom-line impact of not being able to process orders, get in touch with customers, or keep employee productivity moving forward? Don't let a power outage bring your business to a halt. A solar + storage system gives you energy independence and can help you provide power when you need it — even when the larger grid is down.
A recent Panasonic EverVolt battery installation in southern California
Let a Smart App Keep You Connected to the Grid
Storing solar-generated power can help you save money on your energy bills. Pew Research found that 96% of homeowners considering solar are doing so in part to save money on their utility bills. With an all-in-one solar storage solution, you can generate and store power when the sun is out.
Today's solar + storage systems are run by intelligent software apps that help you determine how best to use this power. It can power your home during bad weather and overnight, help you supplement power when the costs fluctuate during high-demand times, and even lets you sell excess capacity back to your local utility provider.
With these tools, you can effortlessly lower your costs (and potentially eliminate them) or even make a bit of money back on the excess power your system generates.
Capture Potential Tax Benefits
Installing a solar + storage system can also help you take advantage of generous tax benefits. Federal tax credits can offset a nice portion of the purchase price. The Solar Energy Industries Association reports that the federal solar Investment Tax Credit potentially enables homeowners to claim a tax credit of up to 26% of the cost of a solar solution in 2020 or 22% of the cost of a system in 2021. Now's the time to take action; the benefit is declining each year and it's unknown whether the program will be renewed.
Look locally for additional tax savings. Individual states, counties, and municipalities may also offer tax incentives for homeowners considering solar and solar-storage solutions. As always, consult a knowledgeable tax or financial advisor, or speak to a solar professional familiar with your geographic region to better understand how these financial benefits can help you make the right choice for your situation.
Save Money with Installation and Warranty Protection
You can also save money by installing a solar and home battery system all at once. When you have a product that’s fully integrated and serviced by one provider, there are initial savings during the installation. Sometimes homeowners will purchase their solar system and then later decide to have battery storage installed separately. Choosing the complete solar and storage system route upfront means you only pay for installation once.
A comprehensive long-term warranty from an established, trustworthy company is essential. For example, Panasonic’s 25-year warranty for solar panels covers all parts, labor, and even shipping for the full life of the solar panels. Their EverVolt battery storage system is protected with a specialized 10-year warranty. And it’s important to remember that a guarantee is only as reliable as the company backing it.
With over a century in business and financial stability, Panasonic’s warranty eliminates worries of investing in a solar + storage system.
Increase Your Home’s Value
Installing a complete solar and storage solar system can increase your home’s value and potentially allow you to command a higher price when it’s time to sell. Consider the latest research: A study from Zillow found that across the U.S., homes with solar energy systems typically sell for an average of 4.1% more than homes without them. How does that translate to sale price? For a median-valued home, Zillow estimates that translates to an additional $9,274.
Meanwhile, research from Energy.gov found that homebuyers were willing to spend as much as $15,000 more for a home with a renewable energy solution. With an all-in-one, there are additional features such as the ability to use solar-generated energy at night and during inclement weather, and the opportunity to rely on stored solar power for a backup.
Homeowners are looking for ways to be self-reliant and make smart investments, and solar solutions continue to soar in popularity. By choosing a complete solar and storage system, you’ll benefit from on-demand backup power, efficient installations, industry-leading warranties, and ongoing support that maximizes the value of your solar system. To learn more about your options for installing renewable energy systems in your home, check out Panasonic's total home energy solutions.
