As a homeowner, you likely want to focus on home projects that offer a solid return on your investment. You may wonder if solar panels are worth it in Las Vegas; fortunately, the answer to this question is a resounding "YES!"
Solar panels are a terrific investment for any Las Vegas homeowner who wants to increase the value and energy efficiency of their home while reducing their future utility costs. Here's what you need to know about the financial benefits associated with solar panels.
Las Vegas Boasts a Relatively Short Pay-Off Period for Solar Panels
The installation costs for solar panels are approximately $18,000, not taking into account any tax credits or incentives that can offset the cost. When factoring in the value of tax credits, the cost drops to approximately $13,000.
Annually, Las Vegas has more than 300 sunny days that are perfect for producing solar energy. Assuming that you reduce your energy costs by $175 each month, your solar panels will pay for themselves in approximately 74 months or a little more than six years.
Most solar panel systems have an average lifespan of 25 years. Once your solar panels pay for their installation costs, you'll continue to save money on your utility expenses. If your energy costs are an average of $175 each month, you'll continue to save $2,100 each year for the life of your solar panel system.
Federal Tax Credits Make It Affordable to Add Solar Panels to Your Home
Another reason that solar panels in Las Vegas are worth it is a federal tax credit known as the Residential Clean Energy Credit. This credit allows you to receive a tax credit equal to 30 percent of the installation costs for your solar panels.
For example, if your solar panels cost $13,000, you're eligible for a tax credit of $3,900. A tax credit reduces your tax liability dollar for dollar. If you owe $4,000 in federal taxes and receive a tax credit of $3,900, your liability is $100.
While this credit is non-refundable (this means you can't use it in excess of your income tax liability), you are allowed to carry over the unused amount to future tax years. If your tax credit is $3,900 and your tax liability is $2,000, you can use the remaining $1,900 to lower your tax bill in future years.
Solar Panels Will Increase Your Home's Value
Adding solar panels to your property will increase its value, helping you secure a higher asking price if you decide to sell it. On average, homebuyers are willing to pay 4 percent more for a home with a solar panel system. If your home is worth $250,000 without solar panels, this means adding solar panels can increase the value to $260,000.
Get More Info About Adding Solar Panels to Your Home
Still wondering if solar panels are worth it in Las Vegas? Visit Cooper Roofing & Solar online or call us at 702-688-740 to receive more information or to schedule a free estimate.