HOW MUCH CAN YOU SAVE WITH SOLAR
Going solar is an investment that many more households and business owners are choosing to make over the last few years. Not only will solar panels help save the environment, however they will save you a lot of money over time. Many people are afraid of the costs associated with the installation and equipment, however, the amount of savings made will quickly prove to be worth the initial costs.
Now let’s talk money. Going solar in the San Diego area means you will be saving approximately $41,000 over the course of 20 years. You will also start saving money right away, there’s no waiting time. Solar panels will also drastically reduce your electric bills, if not completely eliminate them. The inclusion of solar panels also means your home value will increase since buyers will view the panels as a lower electricity cost in the long run. According to the National Renewable Energy Laboratory, if a home has solar panels, it will sell at an approximately 20% faster rate and for 17% more. Did you know by installing solar panels you receive incentives as well?
The federal solar tax credit, or the investment tax credit, allows you to get 30% back from installation and equipment related to the panels in the form of federal tax deductions. Then there is the Solar Renewable Energy Certificates (SRECs). For every megawatt hour produced by the solar energy system, an SREC is created. Through this, the SRECs can be sold, and one SREC can be worth as much as $300. Not only are you saving money on electricity costs, increasing your home value for reselling, but now you can also sell the energy your solar panels have produced.
Solar panels are also not as costly as people may think. Keep in mind that the cost can then be reduced by 30% and the solar panels have a lifecycle of more than 25 years. This means not only is the price a year much cheaper, but your savings will increasingly grow. With solar panels reducing or eliminating your electric bills, you may be eligible for not buying your electricity for two decades and counting. The important thing to keep in mind is that buying solar panels is more than just purchasing, it’s investing with clear signs of great returns. According to EnergySage, the average American homeowner will pay off the equipment and installation fees in seven to eight years and will see an ROI of at least 20%.
The cost of the solar panel system can also depend on how much money you are willing to invest. Each home or business owner can decide with their solar company how many panels will be a good fit for that property. Depending on the number of panels installed, the pricing will be different and the amount of energy saved will vary as well. This also depends on how much sunlight can reach your panels in a given time, however it is entirely possible for the electric bill costs to be completely eliminated after the installation of the panels is put in place.
With the money saved over the years with the energy created for free by the sunlight, you will be drastically saving on your energy bills. You will also be able to receive up to 30% back on the costs associated with the panels and your home value increases. Not going solar for any property owner would be a mistake.