Solar is just one such mean that can earn you real saving in a world that is getting more expensive by the day!
One of the main benefits of going solar is the longterm savings. In the United States, on average, a customer will save $1,500 a year, and over time the savings far outweigh the cost of the investment. Disclaimer: Factors such as roof size, sun exposure, weather, and amount of daylight hours do influence the exact saving’s amount’s.
How does it work?
When we use electricity we are essentially renting the power from the power company. The price we pay per Kwh (kilowatt-hour) varies from about 13 cents to up to 18 cents. With the average household usage (in Texas) at about 1,176 Kwh (according to paylesspower.com) this comes out to $152.88 a month as a base electric bill. What happens is you will produce your electricity throughout the day and the surplus is sold back into the power grid which is credited back to you in the night to cover your consumption. This is called netmetering. The trade off: you no longer are you paying for your electric bill. Instead you’ll pay on your solar unit, which will be less monthly than your power bill. The average saving is from $30-$50 dollars a month, if not more! Factor this over 10 + years and you will see your investment returned and the real saving rolling in. We are talking over 25 years saving tens of thousands of dollars. And the doesn’t even scratch the surface of the federal tax credit for renewable energy or SREC’s, which I will also cover in later article.
A List of Reasons How Going Solar Can Save You Money
In today's world, where energy costs are constantly rising and environmental concerns are becoming more pressing, many homeowners and businesses are turning to solar energy as a viable solution. Not only does solar power offer a sustainable and eco-friendly alternative to traditional energy sources, but it also presents significant financial benefits. Here’s a comprehensive look at why going solar can save you money.
Lower Energy Bills
The most immediate and tangible benefit of installing solar panels is the reduction in your monthly electricity bills. Once your solar system is installed, it begins to generate electricity from the sun, which can significantly decrease your dependence on the grid. For many homeowners, this translates to substantial savings. Depending on the size of your solar system and your energy usage, you could see a reduction in your electricity bill by up to 100%.
Protection Against Rising Energy Costs
Electricity prices have been on a steady incline for years, and this trend is expected to continue. By investing in solar energy, you can protect yourself from these rising costs. Solar energy provides a fixed energy cost for decades, as the sun’s energy is free. Once your solar panels are paid off, you essentially have access to free electricity, insulating you from the volatility of energy prices.
Federal and State Incentives
Governments around the world are incentivizing the adoption of solar energy through various programs. In the United States, for example, the federal government offers the Investment Tax Credit (ITC), which allows you to deduct a significant portion of the cost of installing a solar energy system from your federal taxes. Additionally, many states offer their own incentives, such as rebates and property tax exemptions, further reducing the overall cost of going solar. These incentives can significantly shorten the payback period of your solar investment.
Increased Property Value
Homes equipped with solar energy systems have been shown to sell faster and at higher prices compared to non-solar homes. This is because solar panels are seen as upgrades, similar to a renovated kitchen or a finished basement. Prospective buyers are attracted to the prospect of lower energy bills and a reduced carbon footprint. Studies have found that for every dollar saved on annual energy costs, the value of a home increases by $20. Thus, a solar energy system not only saves you money on electricity bills but also adds to the value of your property.
Low Maintenance Costs
Solar power systems are known for their durability and require minimal maintenance. Most solar panels come with a warranty of 20 to 25 years, and they typically require only periodic cleaning and annual inspections to ensure they are functioning correctly. The inverters, which convert solar energy into usable electricity, may need replacement every 10 to 15 years, but these costs are relatively low compared to the savings generated by the system. This low-maintenance aspect further enhances the long-term financial benefits of solar energy.
Net Metering
Net metering is a system that allows solar energy users to sell excess electricity back to the grid. If your solar panels produce more electricity than you use during the day, the surplus energy is sent to the grid, and you receive credits on your electricity bill. During times when your system isn't producing enough power, such as at night or on cloudy days, you can use those credits instead of paying for electricity. This process maximizes your solar investment and can lead to even greater savings.
Conclusion
The financial benefits of going solar are clear. From the immediate reduction in energy bills to protection against future energy price increases, solar energy offers a reliable and cost-effective alternative to traditional energy sources. The various federal and state incentives, increased property value, low maintenance costs, and the potential for net metering further enhance these savings. By investing in solar energy, you are not only contributing to a more sustainable future but also making a smart financial decision that will benefit you for years to come. The cost of this investment will pay itself off and put hard earned dollars back into your pockets! The cost of doing nothing is tens of thousand of dollars. The facts speak for themselves. Solar is a wonderful money saving investment.
On top of Solar Energy, you can install energy shield radiant barrier to add to home improvements for money savings and energy savings,
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