Solar power, specifically solar panels, is continuously gaining attention in residential areas as more people adopt them into their homes. Nonetheless, there is still a large group of individuals who are unsure about the value of installing solar power and skeptical of how much money they will really save. As a result, we’ve decided to help explain the cost-effectiveness of solar power and why you should give it a chance.
How Much Solar Saves
The amount of money solar panels will save you is truly dependent on many factors, including location, the way your roof is positioned, how much sun you receive, your current electricity bill, and more. While this does mean that your savings won’t look the exact same as your neighbor across the street, it doesn’t mean you won’t save at all.
The above factors make it hard to tell you flat out how much you will save, but it is safe to say that the higher your electricity rates, the more money you are likely to save with a solar system. As we mentioned in a previous blog post, the average home can save between $10,000 and $30,000 over the solar panel system’s lifetime. Remember, although possible, solar panels do not guarantee to completely eradicate your electricity bill.
Just like regular electricity bills, the savings can fluctuate as well, meaning some months you might save more with the panels than other months.
Investing In A Quality Solar System
Although installation prices will vary depending on which solar company you choose and the equipment that is installed (something Direct Solar of America can help with). When investing in solar, it’s important to pay attention to the type of system you’re considering purchasing, considering the quality of the system directly affects the efficiency of it.
You may be inclined to purchase a cheaper system since it is already a big purchase, but spending more money on a quality system is the more cost-effective option since you’ll have higher savings with high-quality equipment.
It’s important to remember as well, that in order to get the full value out of your solar panel system, you need to use the system for as long as it runs. Purchasing a solar system and then moving out within five years will not provide you with the investment you’re expecting and you will end up being disappointed. You can expect it to take 7 to 8 years to break even on your system, so keep this in mind if you don’t plan on staying in your current home for very long.
Taking Advantage of Solar Incentives
Another way to make sure you’re getting the best value and saving money with your solar power system is by taking advantage of incentives, such as rebates. In taking advantage of these, you can potentially reduce your net cost by 50 percent or more.
During 2020, you can receive a 26 percent tax credit for solar panel installation from the federal government, which then lowers to 22 percent in 2021. In addition to tax credits, you can also agree to a net-metering agreement with local utility companies. This agreement will make a deal that if your home produces more electricity than needed and it goes to the grid, you will receive energy credits, and once you accrue enough of those, the utility company will pay you.
As discussed, getting the most out of your investment depends on many factors, which all add up and can be confusing. Luckily, this is where our subsidiary, Direct Solar of America, can help. They do the hard work of shopping and comparing different systems and rates for you, keeping in mind cost-efficiency to ensure you get the best value possible.
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