5 Reasons Solar Should Be Part of Your Retirement Plan
Sep. 27, 2022
When it comes to retirement planning, there’s nothing more important than making smart, safe investments that will help you enjoy financial security during your golden years.
Solar panels fit the bill and can help you prepare for a comfortable, stress-free retirement. Home solar installation is a low-risk, high-reward investment that can reduce your living expenses and even help you earn money during your retirement.
Here are five reasons why solar is a smart investment to make as you head into retirement:
1. Lower Your Electric Bills During Retirement
Solar panels can significantly reduce your electric bills or even eliminate them altogether, alleviating a considerable financial burden for retirees. Your solar energy system will last 25-30 years, which means you’ll be able to lock in electric bill savings for most, if not all, of your retirement.
Solar is a good investment for the utility bill savings alone, and there are many additional benefits that make solar panel installation worth it for retirees.
2. Get the Solar Tax Credit While You Still Have Taxable Income
Did you know that there are tax benefits for solar panel installation? The Investment Tax Credit (ITC) allows you to reduce your federal tax liability by 30% of your total solar installation costs. So, if you spend $30,000 on your solar installation, you’ll get $9,000 back in the form of a tax credit. You can only qualify for the solar tax credit if you have taxable income, however, so the years leading up to your retirement are the perfect time to take advantage of this incentive.
3. Solar Increases Your Home’s Value
Several studies have shown that solar panels increase home value and that houses with solar panels often sell faster than homes without them. If you’re thinking about downsizing at any point during retirement, investing in a solar energy system now can help you get more from the sale of your home when you’re ready to move. Adding solar panels to your house can also make it a more valuable asset for your children and grandchildren if you plan to hold on to your property and keep it in the family.
4. Earn Money with Solar Incentives
When you install solar panels in Massachusetts, you won’t just save money; you can also earn money through the state’s excellent residential solar incentive programs.
SMART - Receive a monthly payment from your utility for up to 10 years (incentive amount depends on how much electricity your solar system produces and the block you are in).
ConnectedSolutions - Receive a biannual incentive payment for allowing the grid to pull stored energy from your solar batteries during peak demand periods.
5. Reduce Your Carbon Footprint During Retirement
If we’re going to slow climate change and create a clean, safe environment for future generations, we need to reduce our collective reliance on fossil fuels and embrace renewable energy sources, like solar energy. Your solar panel investment will allow you to contribute to the fight against climate change in a simple yet meaningful way that you can feel good about as you enjoy your retirement.
Go Solar Now with the Leading Solar Installer Near You in MA
Many homeowners worry that they’re too old for solar panels, but solar is worth it for your home no matter how old you are or what stage of life you’re in. In fact, going solar is an especially smart investment to make as you near or enter your retirement years.
Boston Solar has installed over 5,000 solar energy systems and can help you decide whether solar is a good investment. We are a local solar provider near you in Massachusetts that has been empowering homeowners and businesses throughout the state for over 10 years. We know that going solar is a big decision and we want to help you make the right choice for your home and future. Our team is here to provide honest, no-pressure advice and answers to any questions you have about solar panel installation in Massachusetts.
Schedule a free solar consultation today! Call or contact us online.