Solar panels in a hot city like Phoenix can be valuable assets and can increase property value significantly. Solar-panelled homes also attract buyers who may be ready to pay a premium price. Solar panels help with long-term energy savings and lay the opportunity of reselling your property at a higher price.

Tax incentives and rebates

Rio Verde residents can enjoy several tax incentives and rebates to offset the initial cost of solar panel installation, including:

1. A 30% federal tax credit under the Inflation Reduction Act
2. A 25% state solar tax credit (capped at $1000) under the Arizona Residential Solar Energy Tax Credit
3. A 5.6% Solar Equipment Sales Tax Exemption on home solar system purchased in Arizona
4. Energy Equipment Property Tax Exemption applied to the increased value of a residence on account of installing solar panels.

Boost property value

Properties with residential solar installation fetch an average of 4.1% – or $9,274 – higher than the market value.

Long-term energy savings

You can achieve significant long-term energy savings with the help of residential or commercial solar installations, as the system not only lowers your utility bills but also pays for itself over time. Here are some numbers demonstrating the saving potential of solar panel systems in Rio Verde, AZ:

1. Average monthly electricity consumption: 1,455 kW
2. Average electric rate: 15 ¢/kWh
3. Average monthly bill: $220
4. Average 25-year cost: $78,400 (not assuming the inflation and increase in electricity rate).
5. Solar system buyback period: 7.26 years
6. Average 20-year savings (accounting for solar installation costs, federal tax credit, and inflation): $35,69

Additionally, in the short term, Rio Verde residents can benefit from the net billing initiative, helping them lower their utility bills by selling the excess electricity from their residential solar panel installation to local utility companies.

Environment friendly

Solar energy is inherently environment-friendly as it helps you lower your carbon footprint and grid reliance. Additionally, the decision to go solar can also help you contribute towards Arizona’s goal of achieving net-zero GHG emissions by 2050.