When you take a step back from work after retirement, it unfortunately also means taking a cut in your income. Even though you may have kept some money aside for your retirement years, it is still a good idea to save where you can.
One such great option for long term savings is switching to solar energy for your home’s electricity needs. Not only is solar energy good for the environment, it also has several other advantages which turn it into a really beneficial investment option for seniors. Here are the top 5 ways how solar energy is advantageous for seniors:
- You will cut down on your electricity bills
Conventional sources of energy are not only non-renewable thus causing environmental pollution but are also much more costly when compared to solar energy. It does not matter how big your house is, you can easily get the required number of solar panels installed so that 100% of the energy needs are met through solar energy only. By reducing the electricity bill to zero, you can easily use the extra cash to live a more comfortable retired life.
- Your property’s value will escalate
Solar energy is the future of the energy sector. If you have a functioning solar energy system in the house, your house’s value will appreciate significantly. Not only will your house become a shining example of clean energy in the neighbourhood, but if you ever have to sell the house, you will be sure to find buyers readily enough who will be willing to pay a good price for your house. Even if you don’t sell it, your children who will inherit the house will thank you for leaving them a house with zero electricity bills.
- Solar energy is a tax-free investment
Considering the many monetary benefits that installation of solar panels in your house provides, it cannot be considered anything less than a tax free investment. If you invest the same amount of money that it takes for installation of solar panels in any financial product, you will have to pay a tax on it. However, the same money when invested in solar panels not only becomes tax free but also gives you unlimited benefits throughout your life.
- Solar panels need low maintenance
It is really a pain in old age to have to constantly keep a watch on the wear and tear of household equipment and have them repaired and replaced frequently. Fortunately, with solar panels, you won’t have to worry at all about their maintenance. Solar panels do not involve any mechanical moving parts and therefore do not require the regular maintenance that other equipment does. Once installed, these panels are good for 20 to 25 years.
- You can even earn some money from the solar panels
A little extra income is always welcome in old age when sources of income are anyway scarce. You can make some money from solar energy through Solar Renewable energy Certificates or SRECs by selling them if there is a market for them in your state. You can also get in touch with some utilities which can buy any extra solar energy that your panels are producing.