Are you considering installing solar panels?
Most people agree on the benefits that solar panels bring to your carbon footprint. But many aren’t so sure whether they bring any financial benefits.
Read on for these three reasons why solar panels are cost effective.
- You Can Sell Extra Electricity You Produce
With recent tech advancements, solar systems now come with reserve power transportation abilities. This means you can feed your extra energy into the grid.
If you’re planning on doing this, make sure you have a quality inverter. This is what enables you to make the most out of this feature. It’s particularly great if you live in an area with high levels of sunshine.
Depending on your state rules, electricity firms may pay you for the extra energy you produce. Currently, in the US there are 40 states that will pay for your extra solar energy, so look check it out in your state.
But note that most won’t pay out in cash. Instead, they’ll give you credit for the electricity you consume from the grid. As sometimes, there will be periods where your solar panels won’t always fill your needs.
- Get Rebates and Tax Credits
Your solar panels can pay you in other ways like rebates and tax credits. To start off, you can get 30% of the price of your whole system back as federal income tax credit. So, if you’re buying a $25,000 solar system, you’ll save $7,500.
Then there are state and local rebates on offer if you qualify. As well as SRECs (Solar Renewable Energy Credits), which can cut your costs by half! Your SRECs will generate through the year, and you can sell them on to utilities for generous returns.
Some solar installation companies can help guide you through the rebates and credits available. Some will even cover the cost of the panels and installation but charge for electricity at a reduced rate.
So, you’re leasing your roof space, and you’re getting discounted electricity for it. It’s a great option if you’re not ready to make that first investment, and would like a no-money-out option.
- Save on Your Electricity Bills
The average monthly electric bill for US households is around $110. But there are a lot of factors that will determine the size of your bills like home size and location.
Some appliances will guzzle electricity, and a big home will be more expensive to run. You can make significant savings on your electricity bill with solar panels though. In part, thanks to the tax incentives in the above point.
Solar panels let you make the most of your roof space to make savings on your energy bills. Through the supplemental power they hardness from the sun’s rays.
It might look like a daunting investment to start with but run the numbers. You’ll soon see it’s an investment you don’t want to miss. In the long-term, it’ll start paying for itself. Depending on how large your home is and your location, you could be looking at savings of up to $2,000 each year.
Traditional means of generating electricity rely on finite resources like fossil fuels. As they run out, electricity prices are likely to increase. Having solar panels will protect you from those rising costs.
Cost Effective Solar Panels Made Easy
So, there you have it. Now you know these three reasons why solar panels are cost effective, what are you waiting for?
The sooner you have solar panels installed, the more savings you will make in the long run. Rebates and tax credts also change regularly, so make sure you make the most of them while you can.
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