Tax incentives and rebates

Upfront costs of installing solar systems can be an obstacle to embracing solar energy. But with a 30% federal tax credit – against the cost of the system – and local utility company solar rebates, you can recoup the costs of solar panels, battery equipment, and installation labor to help you take your first steps toward a sustainable lifestyle.

Boost property value

Not only does your property value increase by $20 for every $1 you save on energy bills, but energy-efficient homes also attract buyers willing to pay almost 4.1% more. This, combined with Texas’s solar energy system property tax exemption, means that installing solar panels in Magnolia can help boost your property value while reducing your taxes.

Long-term energy savings

Solar panels can save you a significant amount, and after a certain period, they pay for themselves. Here are some numbers to shed light on long-term energy savings with solar panel systems:

1. Average monthly electricity consumption: 1,714 kW
2. Average electric rate: 14 ¢/kWh 
3. Average monthly bill: $232
4. Average solar system cost: $2.46/W
5. Solar system buyback period: 10.56 years
6. Average 20-year savings (accounting for solar installation costs, federal tax credit, and inflation): $68,400 (assuming a 2.1% increase in annual rates and $0-down loan)

In the short term, Texas’s net metering and solar buyback initiatives can help you earn bill credits to reduce your immediate energy costs.

Environment friendly

Solar is a widely available, easily accessible, and sustainable energy source that can help your house minimize its grid reliance. This way, you can not only reduce your carbon footprint but also contribute toward the net-zero emission goals of Texas and the USA.