Can Having Solar Panels Installed Actually Save Homeowners Money?

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While installing solar panels can come with a large upfront cost, they almost always lead to savings in the long run. If you have a high monthly electric bill, offsetting your current energy consumption with solar panels would almost certainly be worthwhile. In many cases, the cost of the solar system can be recovered in just a few years of operating a residential solar power installation.

Not only will you save on your monthly electric bill, but you may also see benefits on your annual taxes. There are multiple federal, state, and even local incentives for getting solar equipment installed. Let’s take a closer look at how having solar panels installed could be financially beneficial to you.

Can Having Solar Panels Installed Save Homeowners Money?

When you’re used to paying a premium cost for electricity, any savings is helpful. Whether you want to fully get off of the electrical grid or you just want to reduce your monthly electric bill, having solar panels installed can make a big difference.

Savings Start Day One

One of the biggest benefits of using solar energy is that you start saving money right off the bat. If you compare your last electric bill without your solar panels against your first electric bill with them, you’ll see a noticeable difference.

Additionally, homeowners can take advantage of a 22 percent tax credit, saving them even more. This credit is easy to claim, you just have to head over to the IRS’ website and fill out their online form. It’s worth noting, however, that this credit shrinks each year, so it’s best to move fast to get the maximum benefit.

Utility Inflation Means More Savings Over Time

No matter how low you think your current energy costs are, they will undoubtedly go up over the next few years. Most data shows that energy costs for most places increase by about 4% year over year, just due to the annual price increases of local energy providers. In some cases, the increase has been 10% or more.

This will continue to happen year after year for those who buy their energy from grid providers, simply as a cost of doing business. Those providers need to account for the rate of inflation as well as for the costs of maintaining the energy production and transmission facilities of the grid.

Having solar panels installed at your home, however, means you have started the journey of freeing yourself from that annual cycle of price-gouging. You and your installation partner will be in charge of maintaining your system, and in many cases, the savings after only a couple of years shows a projection of savings that can surprise even the most skeptical homeowner.

Saving Money Is One Of The Primary Factors In Deciding To Get Solar

Many homeowners that have already moved to solar have said that once they began looking into it and crunching the numbers with their home power usage, going to solar was the only thing that made sense long-term. Not only did it insulate the homeowner from the sometimes reckless pricing of electricity by local sources, but it also prevented them from reeling from additional charges, should they consume a significantly larger amount of power in one month compared to a previous month or at a time when grid usage was high.

Barrett Solar Can Help You See Significant Energy Savings

If you want to know more about how much you can save by having solar panels installed, reach out to Barrett to have a full savings calculation done.

Solar panel systems are made of durable tempered glass and require little to no maintenance for the 25 to 35 years that they will generate power. In most cases, you don’t even need to clean your solar panels. You can let the rain or snow take care of that for you. If something does happen, you will have manufacturer warranties on all equipment installed by Barrett Solar.

Solar rebates and incentives vary depending on where you live. In Kansas the largest incentive available is the 26% federal investment tax credit (ITC) which allows you to deduct 26% of the cost of your solar energy system from your taxes. Certain municipalities and utilities also offer cash rebates and other incentives. If you are a business in a rural area or a farmer, the USDA offers grants as well.

Solar rebates and incentives vary depending on where you live. In Missouri the largest incentive available is the 26% federal investment tax credit (ITC) which allows you to deduct 26% of the cost of your solar energy system from your taxes. Certain municipalities and utilities also offer cash rebates and other incentives. Evergy in Missouri, Columbia power and Ameren have notable rebates available. If you are a business owner in a rural area or a farmer, the USDA offers grants as well.

Barrett Solar offers two options to finance your solar panel system. You can purchase your system in cash or take advantage of our zero down, low APR financing options. We have a lot of different options to choose from. 

Generally it takes very large hail or a major storm to damage your solar panel system. After you go solar you will want to make sure your homeowners insurance policy has enough coverage to replace any of your panels that may be damaged in a heavy storm.

The cost of a solar panel system will depend on many factors, including the size of the system, the equipment, and the financing method. A solar panel system should be viewed as a major home upgrade, and because every home is different it is never good to base an idea of what something should cost off a ballpark figure found on the internet. Barrett Solar offers completely free no obligation solar proposals, and in most cases we can give you an accurate quote with just your historical energy usage data.

Tyler Blanchard

Founder & CEO

Tyler is the CEO of Barrett Solar.

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