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 solar system generates more power than what your family uses, 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. If you contact your local electric service provider, they should be able to tell you more about net metering in your area.
Get Tax Credits and Rebates
In an effort to encourage more people to make use of renewable energy, state, and federal governments have offered various tax credits and other benefits for those who have chosen to install solar panels on their properties. 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 interested in filing for a tax credit, you should keep all of the 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
For those who live in cities or suburban areas, the cost of having electric service installed at their home is often negligible. However, for those who are interested in living in a more rural area where electric service is not easily available, costs can be exorbitantly high.
If you have been thinking about buying a rural property to build your own homestead on, for example, the cost of having the necessary electrical infrastructure installed might be holding you back. Once you research the cost of installing solar panels as an alternative, however, you may find that you can save a significant amount of money by choosing this option instead.
It’s wise to consider the pros and cons before investing in solar panels for your property. Although there are various other benefits of solar energy, one of the primary reasons to consider a solar installation is the fact 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.
