In 2016, only about 6% of homeowners had installed solar power. However, about 40% were considering going solar. It’s 2021, and it looks like many of those who were considering installing solar did actually do so.
Today, it’s not uncommon to see houses with solar panels on the roof. There are several reasons why an increasing number of homeowners are embracing home solar energy. Saving the environment is, of course, a big reason, but the need to save money is just as big.
In this article, we’re sharing the different ways solar power will save you money.
1. Lower Electric Bills
The average household in America spends about $1,500 every year on electric bills.
This might not sound like a lot, but give it a decade and you’ll have spent more than $10K powering your home. Now that’s a stash of cash, right?
What if we told you that you can completely eliminate your electric bills? Yes, you can!
With home solar energy, you have the power to get rid of electricity bills for good. All you need to do is disconnect your home from your utility service provider and hook up your home to solar power. When you install solar panels and storage batteries, you won’t be paying any energy bills.
Even if you elect to use grid-tied solar panels, your electric bills will certainly be lower than what you pay to the company that currently supplies you with fossil-generated electricity. Compare different providers to determine which one is the cheapest electric company that fits your needs better.
2. Lower Installation Costs
The high cost of acquiring and installing solar panels is the primary reason many people who’d love to go solar aren’t making the move. However, compared to what the cost was a couple of years ago, you’ll likely make a big saving if you were to go solar today.
This is because there are federal and state incentives. In 2021, for instance, the federal government allows you to deduct 22% of your home solar system installation costs from your federal taxes.
Add in state and local credits and you might be making major savings.
If you’re a South Carolina resident, for example, you can take 25% of the total solar installation cost (up to $35,000) from your tax liability per year for up to a decade.
So, if you have a $20K solar quote, for example, your net cost could come down to less than $14,000!
3. More Savings for Electric Vehicle Owners
Electric vehicles are the future – and that future is just a corner or two down the road.
If you already own an electric vehicle, you can use your home solar energy to charge it up. You are already saving money by not going to the gas station, but solar power will enable you to save even more.
As long as you purchase a solar system that’s enough to power up your home and charge your car, you’ll be primed to make big savings.
Embrace Home Solar Energy and Save Money
Home solar energy might have high upfront costs, but the return on investment is worth it. You’ll reduce or eliminate your electric bills, which is a direct cost saving. There are also tax discounts and metering credits you could enjoy.
Go solar now and don’t forget to keep reading our blog for more lifestyle insights.