Why solar panels are an underrated investment during this period

During an economic downturn, saving money becomes more important to homeowners. When you are forced to reduce your expenses due to a sudden reduction in your income, whether this is due to losses on Investments or unemployment, the need to find smart ways to reduce your overheads in any way possible can suddenly become of paramount importance.

Despite what some people may say, investing in solar energy remains an intelligent decision. In many cases, solar panels can completely eradicate your electric bill. Even if this is not the case, a considerable reduction in your electricity bills can make a significant difference during a recession. There are many reasons why solar panels are an underrated investment during this period; here are just three.

1: Reduce your overall energy costs

The major attraction of solar panels is that they create an abundant and virtually free source of electricity. Once you have offset the cost of installing a solar panel system, you can instantly realize savings on your energy bill every month. Your goal is to produce the majority of your energy needs through your solar panel system, and as a consequence, your energy bills would remain low or disappear altogether.

Seventeen states currently make it even easier to save money, using a method called net metering. To put it only when your household is not using all the energy produced by your solar panels, this energy is then fed back into the grid on your utility company offers you credit for it.

2 Invest in the value of your home

Once you understand that solar panels increase your home’s value, it’s easier to reconcile with the initial setup costs. Research conducted by the National laboratory in Berkeley found that, on average, homes with solar panels sell for $17,000 more than homes without solar panels.

So when you factor into account the increased value of your home and the monthly savings you will make on your utility bills, solar panel installation hong kong should constitute a significant return on investment.

3 Take advantage of Solar loans

You can even apply for a low-interest solar loan to finance the installation of your solar panel. During the economic downturn, central banks customarily reduce interest rates on loans. This is designed to encourage people to borrow more. Currently, interest rates are below 1%, and will probably stay there for the foreseeable future. It is not unheard of for homeowners that have excessively high energy bills, to find their monthly loan repayments end up being lower than their previous electricity bills.

As a consequence of investing in their homes’ value, they’ve swapped out a high electricity payment for lower loan repayment. Once you repay the solar loan, the money is just going to remain in your pocket. These are only three of the main reasons. Solar panels remain a shrewd investment even in times of recession. You might still be able to take advantage of some Government incentives, and you will be protecting the environment, making this decision easier.