Did you know there is a 43% installation growth of solar panel capacity annually?
People want to not only help the environment but also save money and create clean energy. Considering solar panels and all the perks they provide, you need to learn the benefits to see if your home is a perfect fit.
Are you interested in solar panel eau claire wi for your house? If so, you may want to explore solar panel savings. Read this guide to learn more.
If so, you may want to explore solar panel savings. Read this guide to learn more.
How Solar Power Can Save You Money
With the average cost of solar panels being $3.48 per watt, installing a solar panel system can save you significant money on your electricity bills. The average household that uses Solar Power can save between $10,000 and $30,000 over the lifetime of a solar panel system in their energy bill. In some cases, homeowners have seen savings as high as 50%!
Solar power is a great way to save money, and it’s becoming more and more affordable as technology improves. To take advantage of this benefit, check out solar leasing options. Below are a few things to keep in mind when you’re considering solar panel savings.
Size of Your Home and Energy Usage
It will save you money if you have high electricity rates. Residential solar panel systems are a long-term investment; you will need to live in your home for many years to recoup the installation cost.
Sun Exposure
Solar panels will only save you money if you live in an area with intense sun exposure. If you live in a cloudy or shady area, solar panels may not be your best investment.
Type of Solar Panels
There are two main types of solar panels- monocrystalline and polycrystalline. Monocrystalline panels are more efficient, producing more energy and saving you more money.
Solar Panel Incentives and Tax Breaks
There are many solar panel savings opportunities available to help offset the cost of this clean energy source. Here are a few things you need to know to take advantage of solar panel incentives and tax breaks.
To receive the solar Investment Tax Credit (ITC), you must install your solar panel system by December 31, 2019. The ITC is a 26 percent federal tax credit for residential and commercial installations.
There are also state and local solar incentives available. These can include solarRebates, solar tax credits, solar Renewable Energy Credits (SRECs), and more. Be sure to check what’s available in your area.
Payback Period
Solar panels have a payback period of around 4-6 years. It means you’ll make back the money you invested in your solar panel system in 4-6 years through savings on your energy bills. After that, you’ll generate free, clean energy for years.
So, there are plenty of solar panel savings opportunities available. Be sure to take advantage of them to help offset the cost of your solar panel system.
Learn More About Solar Panel Savings
Solar panels are an excellent way to reduce energy costs and save money on your electric bill. They are also environmentally friendly and help to reduce your carbon footprint.
If you are considering solar panels for your home, it is essential to do your research and learn as much as you can about them. It will ensure that you make the best decision for your needs.
Did you find this article about solar panel savings helpful? If so, check out the rest of our posts about all things energy!
