A surprising way to save $20,000 for your kid’s college fund: Solar

It’s always lingering in the back of your head: ensuring a solid education for your kids. However, many families struggle to find just where and how to set money aside. We’re happy to talk about a very unique but effective option: Solar.

However, many parents don’t realize that installing solar panels can be one of the most easiest ways to save up for your children’s education fund. By going solar, homeowners are able to reduce – or even eliminate – their electricity bills. Therefore, they’re able to free up thousands each and every year, which can easily be put into a savings account.

In fact, on average, a homeowner can save up to $187 each month, which can mean over $2,200 dollars every year. If a parent invests in solar panels early – they can easily save up close to $20,000 before college time.

Of course, there’s also other ways aside from saving, to bring in money from your solar panels.

Here’s a few other financial benefits you’ll find from going solar:

Increased Property Value
Solar increases the value of your property. By installing a solar power system you’re investing in your property. Various studies have shown that buyers are willing to pay more for homes that utilize solar panels.

Hedge Against Future Price Surges
Solar allows you to hedge against any future surges in price. Electricity rates go up each year. In 2015 alone, the prices increased anywhere from 3% to 9%. If you generate your own power, rather than purchasing it from a utility, you’re able to protect yourself from rate increases for the lifetime of your solar power system (which is generally 20-30 years).

Your Panels Could Even Generate Income
There’s also a chance your solar panels can generate income. If you live in a state that has a market for solar renewable energy certificates (SRECS), there’s a possibility you can earn extra income by selling them. Also – some utilities offer production-based incentives that pay you for the electricity your panels create.

These are just a few ways you can utilize solar energy to gain savings that can get you closer towards retirement – and enjoy a sustainable and comfortable future. Learn more about how PowerScout can assist your solar journey.

Also published on Medium.