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What are the benefits of purchasing a home solar power system?

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Quick Answer

The two major benefits of purchasing and installing a home solar power system are economical and environmental. The latter benefit is due to solar power being a zero-carbon emission form of electrical generation. Economic benefits of solar power include lower utility bills, surplus energy sell-back and increased property values.

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Full Answer

A home solar power system generates power that reduces or eliminates the cost of purchasing electricity from a utility company. Solar systems are typically modular, allowing the addition of photovoltaic panels over time to increase capacity. In some states, the local power company may pay a homeowner for surplus energy generated, making solar panels a passive income source depending on location and effectiveness.

A residential solar power system generally increases the value of the home or property, often up to 100 percent or more of the cost of the system. This rate of return is far higher than any other form of residential addition, remodel or upgrade, creating an additional economic benefit.

The federal government and many state governments and some local municipalities offer tax credits, rebates and other incentives to encourage the installation of home solar power systems. Hawaii, the District of Columbia and New York top the list of states that provide economic stimulus for solar power, as of 2015.

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