How Much Can You Really Save With Solar Power

solar energy to save money

In the past, many homeowners couldn’t afford to put solar panels on their roofs because residential solar panels seemed like a large investment. It would have continued the same way if there haven’t been state and federal tax incentives. More than that, the rising cost of traditional electricity makes people think about other alternative options.

Encouragement from the Government

The increasing cost of electricity is partly driven by the rising cost of fossil fuels, such as natural gas and coal. According to the recent studies, the prices on electricity increased 2.5% each year starting from 2000.

As the electricity prices continue to increase, so will your electricity bills. It means that investing in solar panels for your household will most likely pay for itself in a short time period. That’s why solar panel companies are becoming more and more popular with residents.

In order to encourage residents to go green, the government in the USA also offers major tax credits for those who have installed solar panels in their household. These credits differ from state to state. However, if you live somewhere in a sunny state, you can get additional incentives like expedited permits, waived fees or cash back.

The Cost of Solar Power

Obviously, solar panels aren’t the cheapest. However, having a state, federal tax credits and other local rebates, they become much more affordable. Another benefit is that you won’t need to pay the same price for high electricity bills. Especially if you live in a state with high prices on electricity, you are definitely going to benefit from installing the solar panels.

The cost of solar power for you will depend on the insolation of your region and on your region’s policies (subsidies, net metering, ranging from rebates). Any of these conditions will affect the price of your solar panels but anyway, it will pay for itself in the long run.

If you are in global use of renewable energy, be sure to learn more about Las Vegas solar power achievement!

How Much Can I Save

Going green and putting solar panels on the roof of your house will influence on your finances but in a good way. It’s better to look at how much you can actually save and how soon you will start saving. In the first 20-25 years of using solar power, you can save from $10000 to $70000 depending on the region where you live.

As we have mentioned before, this is because every state has its own factors, policies, and insolation. For instance, homeowners can apply for a free solar program in Maryland. But the fact that you can really save quite a lot of money is obvious.

For instance, living in California and deciding to go solar can save you up to $40000 over the period of 20 years because insolation there is pretty high and they offer many kinds of incentives for people who install solar panels. Living in Hawaii is probably one of the best options for going green and saving money. Residents who buy solar panels can save about $65000 over 20 years, which is really impressive!

It’s Better to Buy Your Own Solar Panels

If you want to get the maximum out of your solar panels, go and buy them by paying cash and paying upfront. Otherwise, if you rent the panels or lease them, you won’t get so much profit and save so much over the long term. Besides tax credits you will get, you will save hundreds of dollars on energy each year, depending on the size of your home. So, solar power costs money but most important thing is that it will save you even more.