Are you considering harnessing the power of the sun to illuminate your life in Kentucky? Solar panel installation in Kentucky is an excellent choice for homeowners and businesses looking to embrace renewable energy and save money on their electric bills.
According to EcoWatch, solar energy conversion is typically a wise investment for residences that utilize more than 500 kilowatt-hours (kWh) per month on average. The average household in Kentucky uses 1,073 kWh per month, far more than the 500 that are typically required to make solar energy profitable.
In this blog post, we will explore the numerous benefits of solar energy in Kentucky, including lower taxes, increased home resale value, and more. If you want to learn in more depth, keep reading!
Electricity Bill Savings
One of the most compelling reasons to opt for solar panel installation in Kentucky is the significant savings it offers on your electricity bills. In Kentucky, home solar panel systems typically pay for themselves in approximately 13 years, and over the subsequent 12+ years of equipment life, you can expect to save an average of $20,247. These savings are based on current electricity prices, but the actual savings could be even higher if electricity rates continue to rise.
It’s worth noting that if your payback period is shorter than 13 years, your savings will be greater. Conversely, if the payback period exceeds 13 years, your savings may be slightly lower. Nevertheless, installing solar panels in Kentucky is a smart long-term investment that will provide substantial financial benefits.
Lower Taxes & Access to Other Incentives
Kentucky offers a range of incentives and tax credits to make solar panel installation more affordable and accessible for homeowners. One such incentive is the federal solar tax credit (ITC), which allows you to receive a credit on your federal income taxes for the year your panels are installed and activated. The ITC equals to thirty percent of your overall system expenses or an average of seven thousand seven hundred twenty-two dollars in Kentucky.
In addition to the federal solar tax credit, Kentucky also provides other incentives to further enhance your solar journey:
- Net Metering: Kentucky mandates net metering for IOUs (Investor-Owned Utilities) and electric cooperatives. By participating in net metering, you can reduce the payback time for your panels and increase your return on investment (ROI).
- Property Assessed Clean Energy (PACE) Financing: Kentucky participates in PACE Financing, which gives low-interest rate solar loans to qualifying low-income households, making residential solar power Kentucky accessible to a broader range of residents.
- Local Solar Rebate Programs: Although the state itself doesn’t have rebate programs, some utility companies privately offer solar rebates and incentives. Make sure to explore such programs in your area to maximize your savings.
- The incentive for Energy Independence: Commercial solar Kentucky customers benefit from enticing tax incentives. These incentives reward businesses that reduce their reliance on fossil fuels by adopting solar energy solutions.
Home Resale Value Increase
Aside from the immediate financial benefits, solar panel installation in Kentucky also significantly increases the value of your home. According to a research study conducted by Zillow, solar conversion boosts home values by an average of 4.1%. In Kentucky, where the average property value is $188,463, installing solar panels adds an average of $7,727 to your home’s worth. If you reside in more expensive areas like Louisville or Lexington, the value increase could be even higher.
It’s important to note that solar leases and power purchase agreements (PPAs) do not provide the same financial incentive. To take full advantage of the increased home resale value, it is recommended to purchase your solar panels outright or explore solar financing options.
Sustainable Future with Clean, Renewable Energy
Beyond the financial incentives, transitioning to solar energy provides significant environmental benefits. By embracing solar power, you reduce your dependence on fossil fuels and traditional utilities, consequently decreasing your carbon footprint. This environmentally-friendly choice contributes to mitigating global warming and reducing pollution, helping create a cleaner and more sustainable future.
Choosing solar panel installation in Kentucky means embracing clean and renewable energy. By harnessing the power of the sun, you will generate electricity without relying on fossil fuels. Traditional energy sources, such as coal and natural gas, contribute to pollution and greenhouse gas emissions. By switching to solar, you become part of the solution to combat climate change and protect the environment for future generations.
Furthermore, solar energy provides you with energy independence. With solar panels installed on your property, you become less vulnerable to energy rate hikes and fluctuations in the market. By generating your own electricity, you take control of your energy consumption and reduce your reliance on external energy sources. This stability and autonomy give you relaxation and trust, knowing that you have a reliable and sustainable energy solution.
In Kentucky, where the potential for solar energy is abundant, utilizing solar power not only benefits individual homeowners but also contributes to the overall energy landscape of the state. By increasing the adoption of solar panel installation, Kentucky will reduce its dependence on non-renewable energy sources and pave the way for a greener and more sustainable future.
Energy Security and Protection
Installing solar panels gives you energy safety and protects you from the unpredictable nature of the energy market as well as any future power disruptions. If you have your own solar energy-producing system, you will be less vulnerable to the increasing cost of electricity and outages that occur on the grid.
You are able to better manage your energy consumption, which in turn helps you lower your overall carbon impact. This happens while benefiting from a supply of energy that is dependable and stable on a long-term basis. As a Kentuckian, you will feel safe and protected with solar energy usage in your homes and businesses alike.
In conclusion, considering solar panel installation in Kentucky provides a multitude of advantages. From significant savings on electricity bills, access to various incentives and tax credits to increased home resale value and the benefits of clean, renewable energy, solar is a wise investment. By choosing solar in Kentucky, you will shine brighter, both financially and environmentally.
So, if you’re ready to make a positive impact and embrace a sustainable lifestyle, it’s time to explore our solar panel installation services in Kentucky at Ohio Valley Solar. Take advantage of the benefits mentioned above and join the growing community of homeowners and businesses who are reaping the rewards of solar energy. As one of the most reliable solar companies in Kentucky, we will help create a brighter future for all Kentuckians.