With all of the noise about solar, you may ask yourself, "Can I actually save money by switching to solar?".
Not only does solar save you money, but owning solar panels is an investment that defends against rising energy prices and increases your home's value!
Lasso’s goal is to ensure that our customers are saving money. We are not your door-to-door salespeople. We have a process that educates and informs you to make the right decision.
A Hedge Against Rising Power Costs
According to Statista, residential electricity prices in the U.S. have increased on average by 2.43% year over year between 2000-2021. During economic hardships, prices rise even more; for example, in 2008, the cost of power increased by 5.7%, and 4.3% in 2021. (1)
At that rate, if your current monthly electricity bill is $200, in 5 years your bill would be about $225 monthly. By year ten, that price shoots up to $254 a month!
When you create your power through solar, you avoid those compounding price increases. Even if you choose to finance your panels, you still protect yourself. Financing makes sense at Lasso because our goal is to do a "bill swap", which means we replace what you currently pay with energy to finance your panels. That way, when energy costs increase, your payment stays the same.
Increases the Value of Your Home
In 2019, Zillow did a study that shows homes with solar panels, on average, sell for 4.1% more. (2)
Homes with solar are more desirable because of the future cost savings that come with them, making the house competitive in the market. So if your home is worth $500,000, you could sell it for $20,500 more. This number only increases in time due to the increasing popularity of solar and home prices.
Tax Incentives
You can receive a federal tax credit as part of the Inflation Reduction Act, which credits you back 30% of your solar photovoltaic (PV) system.
Most states also have their own incentives that are stackable with the federal incentive- You can inquire with one of our energy consultants to see what is available in your state.
The Best Time...
The best time to plant a tree was ten years ago, and the second best time is now. With increasing energy prices and incentives to go solar, now is the best time to invest in solar to start your money-saving journey!
Reference (2) https://www.zillow.com/research/solar-panels-house-sell-more-23798/