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Many states and local governments also offer additional rebates and incentives to encourage solar energy adoption, further reducing the overall cost. Solar Renewable Energy Certificates (SRECs) may also provide financial benefits, allowing homeowners to sell certificates generated by their solar systems back to the grid.
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The financial incentives associated with solar energy also contribute to the growing interest in residential solar systems. Many governments worldwide offer tax credits, rebates, and other financial incentives to encourage homeowners to install solar panels. This can significantly lower the initial investment required for solar systems, making them more accessible to the average consumer. Additionally, as energy prices continue to rise, homeowners are increasingly looking for ways to stabilize their energy costs. Investing in solar power can provide long-term savings by reducing or even eliminating monthly electricity bills.
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