How Much Money Can Residential Solar Energy Save You?
If you’re weighing the options for installing solar panels in your home it’s important to consider the average cost savings that you can receive by choosing solar energy installations. Solar power is an environmentally friendly way to generate power. Solar power can also go a long way in helping you achieve cost savings with your finances. This article will go over the question “how much money can residential solar energy save you?’.
What Is The Cost Of Solar Energy?
In order to determine how much you can save with solar energy, it’s important to learn what you typically spend on energy and how much you might need to spend on a solar installation. Gathering how much power you generally use will determine the size of the system that you’re going to need. A typical household might spend close to $1400 on energy every year and it’s important to keep in mind that the average utility company in the United States is going to be increasing electricity costs by 2.2% each year. Solar panels are an excellent investment because the cost of the utility bills will not continually rise. The overall cost of your utility bills might eventually be completely canceled out if your solar energy is able to generate enough power.
Will I Still Receive Electricity Bills?
It’s a fairly common misconception that you won’t receive an electricity bill once you install a solar energy system. You’ll still be getting an energy bill from your utility provider but instead of having a set fee that you will have to pay, the power that’s generated by your system will be allocated in the form of credits. This means that when you’re not dependent on the grid and your residential solar energy is generating enough power, you’ll get a discount on your energy bill. It’s possible that during some especially sunny months you might not receive any energy bill at all. If you continue to make your home even more energy efficient by changing out your appliances, choosing to use energy-efficient lighting, and practicing good energy savings at home, you should be able to improve your energy credits even further.
Many solar energy installations can also benefit from a series of tax credits that are now available in solar energy solutions. Taking advantage of these installation credits and tax benefits will make sure that you can cut down on the overall cost of your solar energy payback period. Speaking to solar energy installers can make sure that you can take advantage of all of the latest credits and incentives available for owning a solar energy system.
How much can you expect the same from your residential solar energy system?
A solar energy system can be in place throughout your home for over 20 years. You can save between $10,000 up to $30,000 depending on the size of your home. If the cost of electricity were to rise more significantly than 2.2% per year, solar can provide you with a risk-free investment for even greater returns. Installing a solar energy system is not only better for the environment but it can also be an excellent way that you can enjoy a long-term solution for every utility bill. Ongoing support for efficiency with your solar energy bills will lead to improvements for your home, a greater resale value, and significant cost savings that you can experience well into the future of your homeownership.
If you are interested in learning more about how solar energy can benefit you, contact us today about the process of solar installation. We can outline some of the programs available to help you manage the upfront costs and help you enjoy the shortest payback period for your solar installation.