Do you dread looking at your electricity bill each month? You are not alone in this and many households struggle to make ends meet as a result of energy costs.
Fortunately, you can make huge savings with a solar solution. A residential solar system could eliminate or slash your electricity bill each month and improve your financial situation along with various other benefits of going solar.
Keep reading to find out more about solar installation and how you can save money.
How Do Solar Panels Work?
So, how exactly do solar panels work and save you money? Instead of getting your electricity from the grid, solar panels change energy from the sun into usable electricity for your home.
This prevents you from having to use electricity from expensive suppliers as you are creating your own clean electricity. Many households will be able to generate all their electricity from a residential solar system or significantly slash their bills.
Another way that a solar solution can improve your financial situation is through net metering. If you generate more electricity than you use, you can then sell this back to electricity companies for solar credit to further reduce your costs.
Net metering policies vary from state to state, so it is always worth looking this up when you are considering a solar solution.
Recouping the Installation Costs
The cost of a residential solar system is what deters many homeowners. This is understandable as it is a major cost, but you must keep in mind that you can benefit from a federal residential solar tax credit – this provides a 26% tax credit on installation costs.
Additionally, a residential solar system will pay for itself over the long term due to the savings that you make. This will depend on a few different factors, but most homes will be able to recover the costs within 10 years and then be able to create their own free electricity for around 20 years.
There could also be other financial incentives depending on where you are. Virginia recently became the first state to target 100% clean power, so this is a great place to switch to solar – you can learn more here.
Protect Against Rising Electricity Costs
A solar solution is also a smart financial investment because you are safeguarding yourself against rising energy costs. This is already being seen now with many struggling to manage the rising cost of electricity and this is a problem that will only get worse in the coming years.
With a residential solar system, you do not have to worry about rising energy costs as you are able to generate your own power for free. This could make an enormous and life-changing difference over the long term. This is one of the main reasons why solar panels are such a sensible financial investment.
Save Money Now With a Solar Solution
As you can see, a solar solution could help you to make savings in both the short and long term along with the environmental benefits.
If you enjoyed this post, be sure to check out our other home improvement articles today.
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