The cost of solar panels in the US is now lower than ever, making it a great way to save money on your energy bills.
You might be aware of the environmental reasons for green living and reducing your use of electricity generated from fossil fuels.
But here are 10 ways you can save money by using solar energy.
#1. Lower Electricity Costs
A solar panel installation generates power for free for around 25 years. Even if it does not cover all your energy consumption, you’ll still use less electricity from your supplier, saving you money on your bills. The more electricity prices go up, the more you save.
#2. Return on Investment
You’ll make back the cost of installing the system several times over during its lifespan. Once you have paid off the initial installation cost, the return on investment (ROI) increases.
#3. Higher Property Value
Studies show that homes with solar panels consistently sell for higher prices than comparable properties without. After all, they have lower energy bills.
#4. Tax Incentives
There are federal and state incentives for installing solar energy. This includes the solar Investment Tax Credit (ITC), which provides homeowners with a credit on their federal income tax of 26% to offset the cost of systems installed up to 2022, falling to 22% for installations in 2023.
#5. Lower Heating Bills
Installing a solar water heating system reduces reliance on electricity or gas for heating. This further cuts your energy bills.
#6. Net Metering
In states such as North Carolina, utilities offer net metering so you can send power to the grid for credits to offset your usage. An electricity meter measures the amount of electricity you produce and consume, crediting you for the difference.
#7. Power Purchase Agreements (PPAs)
Under a PPA, you lease solar panel equipment from a company, which then sells the surplus electricity. This enables homeowners to benefit from solar energy without having to take on the full installation cost upfront.
#8. Feed-in tariffs (FiTs)
There are several utilities in North Carolina that pay feed-in tariffs. This allows you to sell surplus solar power back to the grid for a fixed rate.
#9. Battery Storage
Naturally, you generate the most solar panel electricity during the day, so you will still need power from your utility at night. But installing a battery storage system enables you to store excess solar energy for use when you need it, further reducing your energy bills.
#10. Monitoring Systems
Most solar panel systems have an app that allows you to monitor your electricity production and consumption. This gives you insight into your energy usage and how you can change your habits to increase your property’s energy efficiency.
Save Money With Solar Panels
Installing solar panels on your property helps you save money as well as reduce your carbon footprint. Over the long term, you can also receive a substantial return on investment by selling electricity to your utility and increasing your property’s value.
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