If you’ve been thinking about installing solar panels on your home, you’re probably concerned about the price. After all, a fully capable solar installation doesn’t come cheap.
However, a full-home solar system can help you get off the power grid and power your home through blackouts and any other power disruptions.
But what can you expect in terms of solar panel savings? More importantly, are these benefits worth the solar panel costs?
We’re here to answer all of your questions, and hopefully, put your mind at ease. Keep reading for everything you need to know about how to save money with solar.
Monthly Energy Savings
One of the most immediate solar panel savings you’ll notice is a decreased energy bill. If your solar system is large enough, you can eliminate your energy bill entirely. For most homeowners, this means saving $115 a month.
While this may not seem like an extraordinary amount of money, imagine how these solar panel savings will add up over time. In a single year, you could save almost $1,400. In ten years, you’ll have made enough in energy savings to pay off all of your solar panel costs.
Federal Tax Benefits
Now, let’s take a look at the federal tax benefits of installing residential solar panels. Through 2022, you can claim your solar costs to receive a 26% tax credit. In other words, if you spend $10,000 on your solar system, you could get $2,600 back.
These tax credits are in place because the government recognizes the importance of green energy. In a matter of time, fossil fuels will become less abundant, and therefore, more expensive.
State Solar Incentives
While federal solar panel savings are available to everyone in the US, there are state-by-state incentives.
For example, by installing solar panels, your property value will increase. Typically, this would mean increased property taxes as well. However, some states provide an exemption to increased property taxes.
There is also something called net-metering. This is a program that rewards homeowners with energy credits through power companies. If you generate more energy than you need, you can sell it back to the power companies for credits when you need more power. This isn’t uncommon during winter months or periods of low sunlight.
Learn more about your state and how much you can save with Blue Raven Solar.
Earlier, we talked about solar panel savings related to increased property value and exemption laws. But how much will a solar system increase your equity?
While the exact price varies based on where you live, most homeowners will see a 4.1% increase in home values. To break this down, let’s say your home is currently worth $300,000. After installing a solar system, it would be worth $312,300.
Ready to Start Enjoying Solar Panel Savings?
As you can see, the solar panel savings you earn with a solar installation add up quickly. And we didn’t even get to all of the benefits of residential solar in this article. We think it’s a good move for anyone looking to save money and help the planet.
If you’re still wondering “how much do you save with solar?” take a look at some of our other articles. We have tons of content created to provide homeowners like you with answers.