Many of us are trying to make our lives more eco friendly as much as we can. If we can save money into the bargain too then that’s to be welcomed. Often as we head into retirement and our senior years, making the most of our money is even more important. Many people are switching to solar power to help them save both their bank balances and the environment.
Investing in solar power as a retiree means you might potentially want to think about using a lower risk option for this type of energy, but the gain is that by installing, monetarily you have consistent, increasing returns - similar to the ones that are associated with stocks and bonds. One positive is that you won’t get the volatile and unpredictable results you sometimes can from investing in those markets.
What are the other benefits?
Save money on your bills
It seems an obvious point to start with, but it can’t be overstated. Yes, there’s an initial outlay to kit out your home, but after that as a rule, your electricity bill will be reduced, and in some cases cut totally. Of course, that depends on use - but don’t forget that money can be put to other good uses. Think about a holiday you always wanted, or extra income to spend on your family and loved ones.
Your house value should increase
An investment in something like solar power could mean that the value of your property increases. There are many interesting studies that show a lot of buyers are willing to pay more for a house that has seen fit to invest in solar power to conserve energy and reduce household expenditure in the long run. As more people learn about the benefits of solar power and seek to invest themselves, you’ll know you’ve done the right thing.
Solar power can generate income for you
Some states have a market for something called solar renewable energy certificates, which you could potentially earn money for selling. There are some utilities that will offer production-based incentives. These are handy because they’ll eventually pay you for the electricity your panels create.
It stops energy company price hikes on your bills
Solar power will of course protect you against any future price increases on your current electricity bills. If you use solar panels to generate your own power, you’ll have massive savings. You also won’t be at the mercy of huge conglomerates who hike their prices up every year. In 2015 alone figures show that some companies increased their prices by as much as 9%. Keeping energy bills constant is one thing less to worry about!
Any money you make from solar power isn’t taxable
Unlike the returns you see from more traditional investments, your returns from solar come in the form of savings, rather than a fixed income - unless you’re using solar renewable energy certificates. This means they are not subject to taxation.