Your Guide to Solar Panel Savings

When you're looking to invest in long term energy solutions for your home, this guide will help you weigh solar panel savings and costs.

Are you considering installing solar panels in your home? Are you wondering how they can save you money?

Using solar energy can help reduce greenhouse gas emissions and lessen our dependence on fossil fuels. It can also reduce the air and water pollution produced by the manufacturing of other types of energy.

Yet solar energy savings are also a big advantage they offer. It costs money to install solar energy, so how can it end up helping you save?

Here’s what you need to know about solar panel savings.

Energy Bills

In the U.S., you can pay anywhere from $15,000 to $25,000 to install solar panels. The exact cost to you will depend upon a number of factors, including your roof type, electrical needs, and area of the country.

However, the average American family is currently spending over $1,400 per year on electrical bills. Solar energy can drastically reduce, if not eliminate, these costs. Over time, you could end up saving yourself quite a bit of money, depending upon your state and the amount of energy you tend to use each year.

Most states also have a system of net metering, which allows you to exchange unused solar energy for credits on your electrical bills. This can allow you to draw energy from your local grid at night without paying any extra money.

Tax Credits

Tax credits are another way you can save money with solar. You’re currently allowed to deduct up to 26% of the cost of solar panel installation from your federal taxes. Some states also offer additional credit, so it’s important to check with your local municipality about what’s available before investing.

You claim your tax credit when you file your annual tax return. It’s also possible to roll over the remaining credits to future years as long as the tax credit remains in effect.  

Increased Home Value

Homebuyers know the value of a home with solar energy already available. They’ll be saving money on their electrical bills, enjoying energy independence, and contributing to the long-term health of the environment.

Investing in solar panels can raise your home’s value by up to 4.1%. If you think you may sell in the near future, you won’t need to worry about getting your money back.

Time to Install

Before you install your solar panels, you’ll want to do a little homework. Get estimates from qualified installation companies in your area such as Blue Raven Solar.

Next, calculate your average yearly electrical usage, multiply it by twenty-five, and subtract it from the installation cost. If you realize solar panels will be saving you a lot of money, it’s time to make the investment.

Solar Panel Savings

While investing in solar can seem pricey initially, many find it wise because solar panel savings really add up over time. In the end, you’ll get your money back and continue enjoying savings for years to come.

Don’t stop making smart investments now. For more great advice, read our blog today.

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