Is Solar in Retirement the Best Option?
After saving for retirement, you deserve to look ahead to your golden years where you can slow down the pace and enjoy time with family. If you are like many people approaching retirement today, aging in place in your home on Long Island might be your preferred option. With a reduced income in retirement, you’ll also likely be considering various ways to save money.Solar in retirement is one way that you can reduce your expenses, and, if you have the savings to cover part or all of your solar system, then you’ll enjoy the best returns.
The Advantages of Having Home Solar in Retirement
Although solar provides some diverse benefits, the key underlying advantage is found in the cost savings. Solar panels on your rooftop will produce electricity during the day, which will reduce the amount of electricity that you buy from the grid. This results in smaller bills, so you’ll save money over time.
Income during retirement typically decreases, so having lower monthly expenses can be a great help. Solar on your rooftop could do this for you. The best part about it is that even if you aren’t ready to retire, you could still install solar today and enjoy the benefits.
Solar panels last around 25 to 30 years. The savings usually cover the cost of installation within the first ten years. So, you could install solar to reduce your expenses before retirement, which could give you more money to either save or invest. If you’re a few years from retirement, then the solar system you install today would still be operational for more than two decades, so it would still be beneficial during retirement.
Solar has very few maintenance requirements. The only thing you’ll need to worry about is occasional cleaning to keep your solar panels efficient. Cleaning in many cases is only needed every three to five years, and the service is quick and affordable. You can get a maintenance package with Long Island Power Solutions, and we’ll take care of things throughout the lifetime of your system. We also provide 25 years of solar warranty coverage so you’ll have peace of mind knowing that any faults or defects will be covered.
We also monitor our installations, so we’ll know if anything goes wrong or if your system isn’t working as expected. This is another way that we provide confidence to our solar customers on Long Island.
You Can Apply for New York Solar Tax Credits
If you are looking ahead to retirement and considering your first solar system at your primary home, then you could take advantage of federal and New York solar tax credits. There are also direct incentives available that reduce the cost off the top of your bill. The federal tax incentive is currently the most significant. It provides a federal income tax credit worth 30% of the cost of your system.
You can talk to us about the federal and New York solar tax credits that would apply in your case. We can also help with solar financing with no money down. Your requirements could be a little different if you’re just a few years from retirement. We can work closely with you to ensure that you get financing that is appropriate for your needs both today and in the coming years.
It’s Worth Considering Solar in Retirement – Get Your Free Home Solar Estimate
Solar in retirement could provide savings that help to reduce stress and improve your quality of life. You could even get solar ahead of retirement to help you save money. You have options when you work with Long Island Power Solutions. Get your free home solar estimate from our team and we’ll also provide a cost/benefit report so that you can properly evaluate solar and how it will relate to your future. With the best installers on Long Island, your switch to clean and affordable energy will be stress-free.