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HOW MUCH CAN I SAVE IN A YEAR ON SOLAR

Written by Posted On Thursday, 12 December 2019 09:29
HOW MUCH CAN I SAVE IN A YEAR ON SOLAR

Solar installation and systems seem to be the rage nowadays, but just how efficient is it? And how much does it save you to go solar? With the increase in cost of traditional electricity and the relative decline in solar panels cost, is it time to embrace the sun and go solar? Before even considering going solar, there are a couple of things to consider like the location, the electric bills, incentives and more.

First of all, one has to consider how high their utility bills are and check out the federal tax breaks in their region. Once these things have been taken into consideration, then solar ideas can come in.

Out of the gate, one of the biggest advantages of solar is the fixed rate. Unlike traditional electric bills that can only increase from time to time, solar power is more predictable and less likely to fluctuate. By using a solar system that allows for fixed costs, it makes it easier to predict and effectively save and plan for your utilities. So, through a series of rough calculations, one can adequately know how much it would cost them in a year and have protection against general rising utility rates.

Now the biggest draw back from solar is the initial costs which includes installation and maintenance which can cost between $17,000 and $22,000 but federal solar tax credit, which is a law that allows taxpayers claim credit of up to 30% on solar systems and installations, come to place to reduce the cost of the solar system to about $10,000 to $15,000.

Furthermore, the cost on installing and maintaining solar panels & systems can be made back in about 4 to 5 years and meanwhile the user can benefit from net metering which is the ability for the user to sell excess energy generated by their solar panels to the government for profit, since a lot of energy is often generated in the afternoon and the user may not have any batteries to store the excess power. This is a double benefit for the user, as they save cost while earning some extra money on the side for generating power.

An average solar system has a warranty of 20 to 25 years and with the constant savings and net metering of the solar system, an average user can save over $100,000 over the course of 20 years. Much money may not be saved in the initial years of installation, but after the first couple years, the solar system becomes a fully renewable and self-sufficient source of energy generation and money saving platform which can save as much as $1,000 to $2,000 in a year alone.

In conclusion, the main take away is the fact that the fuel for solar generation is the sun, a clean and self-sufficient source of energy that leaves no fumes or pollutants in its wake. Hence with all these factors, one needs to carefully analyze their environment and decide whether going solar fully benefits them.

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James Stevenson

Hi, My name is James and I've been involved in the property and real estate industry for 10 years now. I hope people will like to read about my thoughts and experiences in the industry and please contact me if you want to discuss my articles further!

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