Are you skeptical about solar power? Many people wonder if you can actually save money with solar panels or whether they are being pushed for environmental reasons. The truth is that solar panels are a smart investment that could change your financial situation.
How do I save money with solar power? There are actually a few financial benefits to making the switch, plus you are also reducing your environmental impact. This is important in a time where this is a major global issue and everyone needs to do their part.
So, read on to find out how solar panels could save you money and why every homeowner should be considering making the switch.
Contents
Slash Your Electricity Bill
The most obvious way that solar panels will save you money is by slashing or even eliminating your electricity bill. By harnessing the power of the sun to generate your own electricity, you no longer have to rely on the grid for power and many people are able to completely eliminate their electric bill with solar power and make solar savings in the short and long term.
In a time where many households are consuming electricity all day every day, eliminating or reducing your electric bill could transform your monthly finances.
Solar Credits
In addition to reducing your electricity bill, you can also make savings with solar credits if you generate more electricity than you use. When your solar panels generate more electricity than your household uses, this can then be sold back to electricity companies in the form of a solar credit to cover the cost of your next bill.
Protected From Rising Costs
Many people wonder can you really save money with solar? It is not only about lowering your energy bill as you must also consider what will happen if you do not switch. The cost of electricity is rising, but this is not an issue if you are generating your own electricity so you are making a sensible long-term investment and protected from rising costs.
The Cost of Installation
For those skeptical about if you save money with solar panels, it is often the cost of installation that they will bring up. This is understandable because the cost is high, but you need to look beyond this and view the cost of installation as a long-term investment.
The cost of installation should be viewed as paying upfront for around 30 years at a fraction of the cost. Many homeowners pay off the cost of installation from energy savings within 5 years and go on to make savings of between $15,000 and $50,000 over 25 years.
Additionally, you will benefit from a 26% deduction from the price of installation thanks to a federal solar tax credit to make the cost more palatable.
Save Money With Solar Panels in the Long-Term
As you can see, there are a few ways that you save money with solar panels and they are a smart financial investment as well as a great way to reduce your impact.
Enjoy this post? Check out our other home improvement content today to learn more.
