Over the past five years, the solar power industry in the U.S. has grown at 15% yearly to reach $12.0 billion in 2022. Research shows this industry will increase by 11.1% by the end of the year.
Solar in Washington State is often considered less valuable than in most other states. So, assessing if your home is a good candidate for solar panel installation is advisable.
One metric you can use for your assessment is your home electricity consumption. It would help if you also considered how much it is to install solar power in Washington.
So, is getting solar in Washington State worth it? Yes, it is! Read on to learn more in this article.
Saves on Electricity Bills
Installing residential solar panels can significantly save you money monthly on energy bills. On average, residents in Washington pay $95.72 monthly for electricity.
This implies that you can save approximately $1,149 annually on electricity bills. The electricity rates in Washington are strangely low.
Even so, an average resident can save about $10,846 over the lifecycle of their solar power equipment after the solar panels pay for themselves.
Since your panels will afford you a lower energy bill for more than twenty-five years, you could save more than the average amount by going solar. If electricity prices continue increasing, your savings monthly could increase.
Access to Incentives and Lower Taxes
Various solar incentives in Washington State make solar panels more valuable. An example of these incentives is the federal solar tax credit, ITC.
The ITC refers to credit to your federal income taxes and amounts to 26% of your whole solar power installation costs. Net metering is another solar incentive you should expect in Washington State.
The net metering policy directs all electric power companies to buy back the extra power produced by solar power consumers. This excess power is usually routed back to your electric grid via the inverters.
This makes your solar panels valuable by reducing the panel payback period. Besides, you increase your return on investment.
You also enjoy tax exemption on renewable energy product sales and use by going solar in Washington. Exempting all solar equipment and installations from state sales tax helps reduce expenses.
Increases Your Home Resale Value
Installing solar panels makes your home more valuable, hence increasing your home resale value significantly. Besides, your home value could increase in more expensive regions like Tacoma, Olympia, and Seattle.
The resale value of your home will only increase if you buy your solar panels in cash or a solar loan. Power purchase agreements and solar leases won’t provide a similar incentive.
Solar Energy Is Clean and Renewable
Washington is among the greenest states in the U.S. It ranks first for the statewide renewable energy percentage.
Installing solar panels helps to reduce the carbon footprint and pollution you contribute to the environment. You also become more energy dependent without overreliance on your utility company.
Going Solar in Washington State
Washington is among the best states in the U.S. for investing in solar power. The state enjoys long summer days and beneficial State and Federal solar incentives for all solar power consumers.
Consult with a solar specialist in your area to know if your home is suitable for solar in Washington State.
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