How Much Money Will Installing Solar Panels Really Save You?

Posted On Tuesday, 05 July 2022 09:11

What steps have you taken to stem the climate emergency? One step you could take is installing solar panels. What is the cost of solar panels? Actually, these could also save you money.

In addition to the tax incentives from the state and the federal government, installing solar panels almost certainly results in lower monthly average electricity bills. These are just some of the benefits of installing solar panels. 

But what are the other benefits? Here's everything you need to know about installing solar panels.

Installing Solar Panels Creates Long-Term Savings 

Every house uses energy in different ways, and with a solar array, there are no doubt many opportunities for long-term savings in terms of solar panel installation.

If you get a sun-drenched roof, have your solar panels compensate for electricity usage fairly equally, and have your utility company provide a good net-metering system, you are likely to have good chances to save on your utility bills in the short run. 

The average household could save $10,000-$30,000 over the life of the entire solar panel system. Because of the existing federal tax credit for renewable energy systems (26% of the total cost of the system and installation), most customers would save more than $3,000 if they went solar in 2021 or 2022.

The best solar panels purchased from a reputable solar installer and optimized to produce the maximum amount of power will produce even greater savings over time. Even if the average solar power installation costs thousands of dollars, going solar is an investment that provides a long-term payoff in the form of lower costs and years of free power. 

Lowering Your Carbon Footprint 

If you install a residential solar energy system on your home, you will dramatically lower your carbon footprint, boost the value of your property, and get a substantial return on investment (well above 100%). It is estimated that we can move to 40% of U.S power generated by solar panels by 2035.

How much you will actually save depends on a number of factors, including your energy use, your local electricity rates, and the size of your solar system.

State By State 

States such as Florida, Texas, California, and Arizona are great regions for installing a solar system. But solar panels might not produce enough power to be worth the cost. Especially, if your house experiences lots of shading from trees or other buildings. 

In those states, homes with solar panels may get credit toward their electric bills. This is based on excess energy sent to the electric grid.

Under the federal Solar Tax Credit, individuals who install a solar PV system at a primary or secondary residence by the end of 2022 may receive a tax credit.

This credit is equal to 26% of installation costs. Under this program, solar benefits can vary. Blue Raven Solar is an easy choice

Rates depend on the home's energy usage. In some areas, which are subject to rates that rise sharply with increased usage, larger homes (with larger power needs) can get more out of solar by offsetting higher-cost, marginal use. 

Installing Solar Panels Is a Great Idea

Installing solar panels is a great idea and can help you save money and lower your carbon footprint.

There are different regulations in each state but most of them will save you money. Do your research before you install.

For more be sure to check out the rest of our site.

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