Did you know that in 2021, 84% of Americans supported expanding solar panel farms? One of the benefits of solar energy is that you’ll be able to save money on your energy costs.
However, you might wonder, “how much can I save with solar panels?.” Solar panels are a big investment, and you’ll want to make sure that you’ll see a return on your investment.
In this article, see why going solar is the smart choice and how you can see savings on your electricity bill after making the switch.
Solar Panels Are a Great Way to Save Money on Your Energy Bills
Solar panels are a great way to save money. Despite the high initial costs, you can save substantially on electricity and heating bills in the long run.
Solar panels work by absorbing the sun’s energy and converting it into electricity for your home. This means you are no longer reliant on energy from your utility provider, which can save you a lot of money.
You can calculate your solar savings here and find out how long it’ll take to recoup the cost of your solar installation.
With solar panels, you could lower your energy bills and contribute to the environment. Depending on where you live and your energy requirements, you could save anywhere from $500 to $1000 per year in energy costs with solar panels.
Save With Tax Credits and Incentives
These tax credits can help offset the cost of installation and make it more affordable.
For example, the federal government offers a 30% Investment Tax Credit that allows you to deduct 30% of the cost of the solar system from your taxes. This can end up saving a homeowner thousands of dollars.
Other savings come from the lower costs of electricity that come with solar. When you generate your electricity with solar, you reduce or even eliminate your electric bill. This adds up over tie and can save you money month after month.
In addition, depending on your state or utility provider, you may also be eligible for additional solar incentives such as production or performance-based incentives. These incentives can often result in additional savings.
Increase the Value of Your Home
Solar panels can add thousands of dollars to the value of your home since many potential buyers appreciate the energy efficiency and cost savings associated with it.
Studies have proven that adding solar panels can increase the appraised property value of the home by up to 4%. This is especially true for homebuyers who are looking for homes that are already equipped with solar panels.
How Much You Can Save With Solar Panels
How much you can save with solar panels is substantial, depending on your energy consumption and the size of the system you choose. Solar power provides clean, renewable energy, making it a great investment that pays off over time.
Make the switch today and start saving money with solar energy!
If you found these tips useful, check out our other blog posts for the more great advice.