Solar / November 10, 2015
Can Switching to Solar Panels Really Save Me Money?
We’ve all heard it before—solar energy is the way to go.
Homeowners and business owners who have made the switch boast about the benefits and the great savings of new solar panel installation. They insist that “going green” was the best choice for their home or office. Nevertheless, many people wonder just how great these benefits are.
Could switching to solar panels really help you save money?
With new technology and incentives, many homeowners are growing more and more curious about solar energy. Now, people are finally looking at the real statistics—hoping to find out whether there are real cost savings associated with solar panels (or whether it’s a bunch of hullaballoo).
Once people begin to search for the facts, though, they are quickly realizing that solar panel installations, despite the high initial cost, offer substantial energy savings and much more.
Let’s take a look at the different ways that a solar system for the home or office can help you save.
The High Cost of Electricity
Recent studies from the U.S Administration demonstrate that the price of electricity goes up annually by an average of 3%. This rising cost is not only driven by the rising costs of fuel, natural gas and coal, but also by inflation. The rise in these lines will also generate a rise in your electricity bills, meaning that an investment in solar panels can yield a return on investment in a shorter period of time.
Tax Credits
Most people discount this cost savings, but it is a substantial one that shouldn’t be ignored. The U.S. government offers excellent tax credits to those who install solar panels. This is the government’s effort to reward homeowners and business owners for going green. Even more, these credits continue through to next year and offer as much as a 30% tax credit—and some states have additional credits, too.
Recoup Your Investment at Time of Sale
When selling your home, you won’t have to worry, either. According to Forbes Magazine, homeowners who install solar panels usually recoup all of the investment costs, and often sell their home faster than those who don’t have solar power systems installed. While getting a better home sale price shouldn’t be the only reason to invest in solar panels, it certainly is a nice incentive.
Sell Excess Power
Some states, especially those with larger amounts of sunlight, offer government incentives to homeowners with large solar panels, allowing them to sell excess power into the power grids. This amounts to an income that can reach several hundred dollars.
Finding the Money
Finding the money to invest in solar panels can be a bit overwhelming, at first. Nonetheless, today more than ever, there are options available for those who wish to install solar panels. Of course, there are more traditional methods, such as taking out a second home equity mortgage. There are also other loan options that your solar panel installation company can help you with, such as PACE financing, power purchase agreements and special loan options.
Bottom Line
The forecasts for electricity prices are bleak—as prices will continue to increase. In some states, this will only be a 2 to 3% yearly increment, but in others, it will be much higher than that. The cost of electricity from a solar system isn’t projected to have this controlled cost increase over time, and in some states, programs such as “net metering” even create excess generation, which homeowners sell back into the utility grid and receive either credit or funds from the renewable energy created.
Mauzy Solar is committed to providing quality solar services to the great San Diego, CA area. With competitive pricing, we can make sure you get the best solar installation and energy services around. Call 619-448-9545 today!
