If you’ve ever thought about switching to solar power, you’ve probably heard, “It pays for itself in 10 years…” What does that really mean, and how does it happen?

Installing solar power isn’t just an eco-friendly choice—it’s a smart financial move that can pay for itself within ten years. Solar power is a game-changer for our savvy Maine homeowners with a bit of extra cash to invest (especially you awesome women who are usually in charge of paying the bills). Imagine not just cutting your electricity bills but also earning net metering benefits, scoring some sweet tax credits, boosting your property value, and shielding yourself from those always-rising energy costs. Let’s dive into how solar power can brighten your home and wallet without dimming your fun. And the best part? These long-lasting benefits ensure a brighter future for you and your family.

Reduction in Electricity Bills

• See immediate savings. Solar panels generate electricity that can significantly reduce (even eliminate) your monthly electricity bills. The more you produce and use your own solar power, the less you rely on the grid, which translates to substantial savings over time.
• Play the long game. Over the course of 10 years, these monthly savings accumulate, often resulting in substantial savings that provide a secure and reassuring return on your investment.

Net Metering Benefits

• Maine loves residential solar. Its net metering program allows homeowners to sell excess electricity generated by their solar panels back to the grid, resulting in credits on their utility bills, further offsetting energy costs.
• Which means, you save even when the sun isn’t out. These credits are particularly beneficial during the winter when solar production is at its lowest, ensuring you maintain energy savings throughout the year.

Federal and State Incentives

• Next tax season will be your favorite. Federal tax incentives, such as the Investment Tax Credit (ITC), allow you to deduct a significant portion of your solar installation costs from your taxes, directly reducing the overall expense. For example, a $20,000 solar energy system could result in $6,000 less in owed taxes. 
• Local programs can help with upfront costs. Some municipalities offer additional rebates, grants, and incentives for solar installations, which can further lower the upfront costs and enhance the financial return. For example, Efficiency Maine offers Property Assessed Clean Energy (PACE) to assist homeowners in acquiring energy freedom. 

Increase in Property Value

• Higher home appraisal. Homes with solar power systems often appraise higher due to the reduced operating costs and the added value of a renewable energy source. 
• Skip the increased property values. Higher property values usually mean higher taxes, but Maine will waive any increase caused by solar power installation.
• Attractive to buyers. Solar-equipped homes can be more attractive to buyers, potentially leading to a faster sale at a higher price, thereby recouping the investment when selling the property.

Protection Against Rising Energy Costs

• Stable energy costs. By generating your own electricity, you are less affected by rising utility rates and market fluctuations. Price stability can be particularly beneficial for budgeting, and investment planning, and shield your family from utility companies frequently increasing rates over time.

While we’ve done our homework and have over 30 years of experience, remember that tax credits, net metering policies, and local incentives can change faster than a Maine weather forecast. For the most current and personalized advice, be sure to consult with a tax advisor or get in touch with us directly.