How Solar Power Saves You Money

How Solar Power Saves You Money
  • Opening Intro -

    One of the most exciting things about solar power, besides helping the earth and its resources of course, is the fact that they are great at helping you save money.

    While being eco-friendly and powering your home, it’s great to know the monetary benefits of turning to solar energy below and show just how much this green energy can help you save.

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Below is just a short list of all of the incentives that going solar can help you and your family save money.

Tax Incentives

A great aspect of solar panels is the fact that there are both state and federal government incentives that help you save money on solar panel installation and setup. Currently, there is a federal tax credit for solar power systems that covers 30% of the cost with no limit. Rentals don’t qualify for this incentive, but both new and existing construction projects are eligible. Each state’s credits vary and can usually save anywhere between 15-25% and some even include the installation price in them. For example, in Arizona solar power devices in the state are 100% exempt from sales tax, and people looking to install them can have a 25% credit up to $1,000.

Increased Home Value

For those who are looking to move in the near future, installing solar panels can increase the value of your home greatly. As of 2013, California has the highest amount of solar panels in the United States, and the homes there with solar panels tend to sell twice as fast as homes without solar panels. Although the figures are not readily available for other states, it’s been shown in California that homes appreciated 55% with solar panels and only 45% without. Also, if you are looking to purchase a home, buying one with solar panels already build in is a great investment and will allow you to enjoy long term savings. It’s also good to remember though that once you move you will no longer be enjoying those savings unless you move into another home with solar panels or get them installed once you move in.

Eradication of Electricity Costs

Although electricity costs vary by not only state, but towns and cities as well, going solar can help you save money and almost eliminate your electricity costs. The Department of Energy in the United States reports electricity rates per kilowatt of 17.67 cents in California, 12 cents in Texas, and  15.31 cents in Maine, to only name a few.  With such a broad range in what states are paying, it’s good to check local rates where you live to get a better estimate of exactly how much you will be saving by switching to solar. Once you install a solar panel, your electricity company may give you the option to pay on a yearly basis rather than a monthly one, although you may still have to pay for your monthly gas usage.

Overall, including the benefits already mentioned such as tax incentives, increasing the value in your home, and helping you almost eliminate your electricity costs, switching to solar power can save you thousands and thousands of dollars. For example, the average American that went solar in 2011 will save approximately $20,000 off of their electricity costs over 20 years, and that’s aiming low. Many people in California, Florida, and New York will save at least $30,000.

With total savings like these, solar panels are a great technology to go to, especially when it comes to saving you money in the long run. Although the cost upfront when it comes to installing solar panels can be high, the savings that you will accrue will just get bigger with time.

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