You work hard for the money you earn and it can be quite painful when the monthly electricity bill comes in and eats up a good portion of your income. Many homeowners can relate to this feeling and, like you, are wondering whether switching to solar energy can reduce the cost of the comfort and convenience of modern electrical and HVAC systems.
For many homeowners, investing in solar energy solutions can actually reduce monthly utility bills and increase property value. In the long term, solar panels are a cost-effective investment that has proven to generate positive returns.
What makes solar energy cheaper for some?
Solar energy can be a positive solution for most homeowners, but there are some exceptions. For solar energy to make sense, certain factors have to come together. This includes:
- Room and solar radiation: Solar panels must be installed either on a roof or an open area in the landscape or over the driveway. The installation room must receive sufficient sunlight in order to generate sufficient electricity for the house.
- Local energy tariffs: In most cases, local energy rates are increasing, making solar energy a cheaper alternative.
- Battery storage: In addition to purchasing solar panels, it is highly recommended to install battery storage to utilize the stored energy in the evening hours when solar energy production is significantly reduced.
- Energy consumption: For homes with high energy consumption, solar panel systems significantly reduce the dependence on electricity from the utility company. Conversely, for homes with minimal energy consumption, solar panels can generate far more electricity than necessary.
4 important considerations
While there has never been a better time to switch to solar energy, there are a few factors to consider beforehand:
- Eligibility for refunds: Speak to your trusted tax advisor before starting the process. Most homeowners can benefit from federal or local tax breaks or other incentives. However, it’s always a good idea to check first.
- Renovation: If you plan to change the layout of your home or plan to replace your roof soon, it is best to do so with the solar system in mind for an optimal layout.
- Move: If you plan to move in the next few years, panels and the value they add to your home are less likely to generate a positive return on your investment. However, they can increase the property value of your home as solar energy is attractive to many buyers.
- Check net metering: Find out if the energy you generate qualifies for a local net metering program. These policies allow homeowners to apply for utility bill credits that can bring utility bills close to zero. Although it’s still cost-effective to make the switch without this option, you won’t be able to take advantage of these additional cost savings.
None of these factors stop someone from installing solar panels on their home. They may just make a difference in installation time or monthly cost. But even if your space isn’t perfect for a quick installation, the benefits far outweigh the difference.
The advantages of solar leasing
An alternative to purchasing solar systems is leasing. Solar leasing can reduce upfront costs and reduce your commitment. In many cases, leases still provide access to net metering, meaning you can earn a positive return on your panels without actually owning them.
For homeowners eager to dive into solar energy, leasing can be an excellent opportunity that allows you to test out solar power in your home without making a large financial commitment.
National solar incentives
The Inflation Reduction Act created numerous incentives and credits for homeowners willing to adopt “green” energy solutions. This includes 30% federal tax credits for solar systems installed before the end of 2032. Of course, many other government programs and local energy provider incentives are available.
Therefore, it is advisable to speak with a trusted tax advisor and licensed solar provider to learn more about the available programs, eligibility requirements, applicable registration deadlines and other important details.
Arrange your consultation with Solar Liberty today
At Solar Liberty, our specialists can help you determine which systems and configurations are best suited to your needs and desired results. We offer a wide range of solutions from industry-leading manufacturers and can help you select, install and maintain the optimal configuration for your home.
Additionally, we can help you navigate rebate programs, net metering, and other factors that can significantly reduce the cost of solar energy investments.
If you’re ready to keep your monthly electricity bills to a minimum, contact the specialists at Solar Liberty arrange a consultation appointment with our team.
Comments are closed.