Solar panels bring your energy costs down, giving you more wiggle room in your bank account. What will you do with those extra savings?
Investing in residential solar energy comes with a lot of perks, the biggest being the financial gains. Switching to renewable solar energy can not only lower your energy usage, there are a myriad of incentive programs besides, and New York is one of the only states to offer a state tax credit, worth up to $5,000. An investment in solar panels qualifies you for other incentives as well, such as the NYSERDA grant and federal investment tax credit, the latter of which can offset up to 30% of your home’s renewable energy purchase. What will you do with those extra savings? We have a few ideas!
- Pay off debt
Credit cards, student loans, the last of your car payments. We all acquire debt at some point, so what better way to use your solar savings than to knock out your debt? With spending less on your energy bills, paying off debt just got a lot easier.
- Take a trip!
Vacations shouldn’t be a luxury; they are a necessity for a well-balanced, healthy life! When you track your solar savings, you’d be surprised how much you can put away for a well-needed, well-earned family vacation. Of course, saving with your solar investment is an ongoing process, so you’ll even be able to make that vacation a yearly thing. Your family will thank you for it.
- Start (and finish!) that home project
Have you been wanting a new kitchen? Perhaps you’ve been wanting to remodel your basement, or just give your bedrooms a fresh coat of paint and some new accessories? With your solar savings, you could turn your house into the home you’ve always wanted.
- Save for retirement
When planning for retirement, the truth is that the earlier you start saving and investing, the better off you’ll be. With the extra money you’ll save through your solar investment, you can dedicate a percentage to your retirement plan to make big leaps towards your ultimate goal.
Even if you’ve always been a good saver, the monetary benefits from your solar investment are a major opportunity for you and your family. Whether you plan to save it or spend it, the choice is yours.
Let us help you start saving today!