On average, the cost of solar installation runs between $15,000 to $25,000. That seems like a huge amount of money upfront; is it a viable way to save money?
The short answer is yes. When you learn how to save money around the home, investing in solar panels can give you the biggest savings.
The long answer is below; keep on reading to see how getting solar panels can help you save.
- Reduced Energy Costs
The first benefit of solar panels is lower energy bills, especially if your solar panels are covering your household’s full electricity consumption. You won’t have to pay for electricity. You only have to pay for your solar energy system, which should still be cheaper than your usual electric bill.
Even if the energy you get is lower than your needs, the decrease in the energy you get from the grid can still give you significant savings. You’ll be enjoying these savings for 25 years, which is the average life of solar panels.
- Net Metering
Have you thought about what would happen to the energy that you don’t use up? If you have a battery, you can store it for later.
Otherwise, it most likely goes back to the grid. Depending on the policy of your energy utility, you can get paid for the excess energy your solar panels produce.
With net metering, your utility will pay you the same amount you pay for their electricity. They give you credits on your account, which you can use for your future bills.
- Tax Incentives
You can also get savings in the form of tax incentives. The investment tax credit (ITC), for instance, allows you to reduce 26% of the installation costs of a solar energy system from your federal taxes. There’s no cap on value, but you have to have one installed by 2022.
There are also solar tax credits on the state level, which means it will vary between states. Check with the state to see which incentives are available and which you qualify for.
- Home Value
This is more of an indirect form of savings, but you end up with more money all the same. Investing in solar panels now will increase the value of your home. Should you want to sell it in the future, you can get up to 10% more because of the solar panels.
- Low Maintenance
Solar panels don’t need much maintenance to function well. You’ll have to clean them manually but only two to four times a year.
Solar installers also give you warranties for 20 years or so. Should you encounter any problem, you might not have to spend any money at all.
Reap the Benefits of Investing in Solar Panels
Financial incentives aren’t the only reasons you should be investing in solar panels. You’ll also be helping the environment by using renewable energy instead. So, have solar panels installed on your home today! Under the new ECO4, solar panel grants are available to households across the UK in 2023. Read the Warma UK guide to know how to qualify for a solar panel grant.
Still, the huge savings is a pretty good motivator to get solar panels. Using utility bill management system will help you to keep track and monitor your expenses in the most efficient and resourceful way possible. If you want to learn more, check out our guides and posts today!