Over the last decade, the price of solar power has dropped 82% worldwide.
Now is the best time to get solar panels put on your home to save money and help the environment. Would you like to know more about how solar can save you money in the long run?
Keep reading below to learn how it all works.
Do Solar Panels Save Money?
Savings for you will vary depending on what state you live in, your local electricity rates, and how much sunlight you get per year.
On average, homeowners can save between $10,000 and $30,000 over the lifetime of their system. The key here is that they stay in the same property for 20 years or more.
Don’t bother installing a solar system if you plan on moving in a few years.
Currently, the highest 20-year savings are in California and Massachusetts. They’re both topping over $40,000 while states like Washington are only about $14,000. Make sure to do this research before installing solar to make sure it’s worth it.
Utility rate inflation is another factor in more people choosing solar. The national price of electricity has increased about 2.2% each year over the last decade.
Home Solar Panels Are Expensive at First
Some people experience sticker shock when they ask for quotes. First of all, only contact top solar companies to ensure you’re getting the best deal possible and expert installation.
And don’t panic about how much it costs at first. There are incredible incentives available for you to start using solar and you can finance it through your mortgage.
Utah, for example, is offering a 25% state tax credit for solar panels. But, there is one thing to note: this capped credit is slowly decreasing so you’ll want to take advantage of it now. It already dropped from $1,600 to $1,200 this year, and it’ll likely keep going down.
The federal government also offers a solar tax credit valued at 26% for the next two years. As you can see, all levels of government are eager to see more people take advantage of this technology.
The Benefits of Solar Power
You shouldn’t only consider the financial benefits of solar panels. There are other important reasons to invest in this technology.
With solar, you’re reducing your carbon footprint.
Here’s a way to think about it: the average vehicle emits 4.7 metric tons of carbon dioxide annually. A 6kW (6,000 watts) solar panel system reduces the equivalent of that amount.
Many people with solar panels also take advantage of net metering. This means that once they start producing more power from the sun they can essentially sell back some of this energy to a local power company.
Ready To Start Using Solar?
After reading this article we hope you understand all of the benefits of solar power. Not only can you save some money in the long run, but you’re doing your part to help the environment.
Want to read about more investment options? Check out the rest of our site for articles on real estate, building up your retirement, and applying for a loan.