There are a variety of reasons to consider installing solar panels on your property. They can help you increase property value, and they’re a great option for families who are hoping to live a more environmentally friendly lifestyle. One of the most common questions that people have, though, is, “Do solar panels save you money?” For many homeowners, the answer is yes.
Take Advantage of Net Metering
Many electric companies actually encourage their customers to make use of renewable energy sources when possible. Once your solar panels are installed, you can likely have them connected to your existing electric company’s power grid.
This is beneficial for you in a couple of ways. For one thing, you will still be able to make use of your electric company’s service during times when your solar panels aren’t generating enough energy to power your home. This might be the case if you haven’t installed enough solar panels to power your entire home yet. It can also help if your solar panels aren’t always able to generate enough power to suit your needs, such as if your area experiences a long period of cloudy days.
On the flip side, if your solar panels are generating more power than your household is using, that power can be fed back into your local power grid, which helps benefit others around you who don’t have solar panels of their own. This is when net metering can be highly financially beneficial for you. Basically, it’ll help you earn credits on your monthly electric bill. If your system generates more power than you use, you’ll end up with credits from your electric company at the end of the month. This can help you save a significant amount of money on your electric bills.
Get Tax Credits and Rebates
To encourage more people to make use of renewable energy, state, and federal governments have offered various tax credits and other benefits. Additionally, some states and counties offer rebates for homeowners who make this improvement.
Of course, tax credits and rebates vary based on where you live and when you choose to install your solar panels. Your solar installer should be able to give you more information. If you are filing for a tax credit, keep all relevant documentation and receipts from your solar panel installation. Then, your accountant or tax preparation professional should be able to provide further guidance.
Avoid Expensive Electric Installation Expenses
If you have been thinking about buying a rural property, the cost of having the electrical infrastructure installed is costly. Research the cost of installing solar panels as an alternative, and you can save a significant amount of money.
It’s wise to consider the pros and cons before investing in solar panels for your property. One of the primary reasons to consider solar is that it can save you money in a variety of ways. Once you consider your potential cost savings, you may find that solar panels are well worthwhile.