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.