Have you been throwing around the idea of installing a solar system in your home? We hear about the importance of using green energy all the time.
The more we reduce our carbon footprint, the better it is for the environment. As more and more people begin using clean energy sources, the planet will begin to heal itself.
The demand for solar panels is increasing rapidly. According to a recent study wind and solar-generated 10% of global electricity for the first time in 2021. But is investing in solar energy worth it for the average homeowner? If you live in Colorado, the answer is yes.
Keep reading for a quick list of the most valuable Colorado solar incentives.
Why is Solar Energy a Great Alternative to Produce Electricity?
The traditional electricity generation methods can’t keep up with an increase in electricity demand daily. An alternative electricity source is a necessity to meet the increasing need. On the other hand, the deteriorating condition of the environment calls for sustainable actions to be taken.
Solar energy is one of the prevalent alternatives to other electricity methods. The foremost reason is that solar light is more than enough to meet the world’s needs. It is a renewable source that not only generates enough electricity but is also cost-effective. Let’s dive a little deeper and see why solar energy is a great way to produce electricity.
1. A Sustainable Source
With the latest technological inventions, we are putting the environment at stake. It’s time to think of more sustainable solutions to save the world and make it a better place for upcoming generations. Switching to solar energy to generate electricity is a powerful way to kill two birds from the same stone.
It does not only help utilize the renewable energy sources to the maximum, but it is also sufficient to meet the world’s needs. Setting up the solar energy unit is much more feasible and effective than the current electricity generation methods.
2. Cost-Effective
With Colorado being one of the biggest states, much of the budget goes into electricity generation. Solar energy setup is quite cost-effective as there is no need to burn fuels or get high-power generators. The maintenance is also quite cost-effective; hence, the state saves a lot of money.
The money can be used in other state developments and give citizens more incentives. Once the solar panels are installed, there is rarely any operational cost. People in the state are also making efforts to install solar panels privately.
3. Pollution Free
The Sun is one of the biggest renewable resources we have on earth. Wind may not be as powerful every day, but sunlight is there every day. Electricity produced from the sun is a clean energy source as it does not involve the emission of harmful gasses.
The current methods of producing electricity are constantly damaging the environment through the emission of greenhouse gasses. When solar panels generate electricity, the energy wastage percentage is almost zero.
Colorado’s Best Solar Incentives
Colorado is actively promoting the citizens toward the adoption of solar energy. It does not only help save the environment but also save money on your electricity bill. Many solar panel organizations in Colorado offer users the best packages and incentives. Here are some solar incentives you can take advantage of in Colorado.
1. Lower Utility Bills
The average energy bill in Colorado is just over $116. Of course, this includes electricity, water, and gas. You can substantially cut down on these costs every month by installing solar panels in your home. If your entire house was powered by the energy of the sun, you could save over a thousand dollars a year.
This may not seem like a lot, but it adds up quickly. If you save $1,000 a year, you could pay off most of your solar system just through these savings in a decade.
2. Net Metering Programs
One of the most attractive Colorado solar incentives is called net metering. Through net metering, you stay connected to the power grid. This allows you to sell unused energy back to the power company.
In return, you’ll receive energy credits, which you can use when your solar production isn’t enough for your home. For example, during winter months and cloudy days, you might need to draw upon city power.
3. Federal Tax Savings
Did you know that the federal government provides valuable solar tax incentives in Colorado? After installing solar panels and equipment for your home, claim your costs on your next tax return.
Uncle Sam will give you up to 26% of your costs back in the form of tax credits. For instance, if you spend $20,000 on a whole-home system, you can get up to $5,200 back.
Power Purchase Agreements
Power purchase agreements are one of the most amazing Colorado solar incentives you need to know about. In this program, third-party companies purchase excess energy you generate from your solar system.
The best part of PPAs is that these companies pay for solar panels, inverters, and batteries. Essentially, all you’re providing is roof space. Not only will you enjoy free, renewable energy for your home, but you’ll also make hundreds of dollars a year.
Do You Like the Sound of These Colorado Solar Incentives?
As you can see, there are a lot of good reasons to invest in solar panels for your home. And we didn’t even have room to list all of the Colorado solar incentives available to homeowners. We highly recommend making the transition.
And if you’re looking for more homeowner tips or green-living advice, we’re here for you. Check out some of our other articles before you go to learn more about how to live a better, greener life.