We’re all looking to green our lives as much as we can, and if we can save money into the bargain too - then that’s all to the good. 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 the environment and their bank balances too.
Retirees investing in solar power might want to think about using a lower risk option for solar power, but the gain is that by installing, monetarily you’ll get consistent and increasing returns which are similar to the sorts of returns that are associated with stocks and bonds. However, you won’t get the volatile and unpredictable results you sometimes can from investing in those markets.
Here are the benefits of investing as you start to think about retiring.
Save money on your bills
OK, so an obvious point to start with, but it can’t be overstated. Yes, there’s an initial outlay to kit your home out - but after that your electricity bill will either be drastically reduced or cut totally, depending on your use. That money can be put to other good uses. Think about the holiday you always wanted, or the extra income it will give you to spend on your family and loved ones.
Your house value could increase
An investment in something like solar power could mean that the value of your property increases. There are studies to show that many 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 and more people learn about the benefits of solar power and seek to invest themselves, you’ll know you’ve done the right thing.
Long term solar can generate income for you
Some states have a market for something called solar renewable energy certificates, so you could potentially earn money for selling them. Another point to consider is that there are some utilities that will offer production-based incentives. These are handy because they will 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 hikes on your energy bills. If you use solar panels to generate your own power, you’ll make huge savings and not be at the mercy of huge conglomerates who push 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.