Proudly Serving: NC, PA, VA, MI, & OH
solar energy-solar energy benefits-solar panels-savings

Solar energy benefits: How much money can I save?

To begin calculating the potential savings you can have by installing a solar panel system on your home, it’s important to know what you’re already paying the electric company. That’s information Power Home Solar seeks to project potential savings on the size system you are considering.

What you also should know is that a power company’s rates for electricity are always rising over time. A quick example of that: The U.S. Energy Information Administration (EIA) tracks monthly prices of electricity for all 50 states, and found that the national price per kilowatt-hour for residential consumers in May 2018 was 13.15 cents, up approximately 1.1 percent from the same month a year earlier. Twenty states, along with the District of Columbia, have a number higher than the national average.

Wouldn’t it be great to have ammunition to fight those rising utility rates? That’s where Power Home Solar comes in. When you invest in a solar panel energy system, you lock in at least a portion of your power bill by using clean, renewable energy created by your panels. Excess power that your system produces is sent back to the power grid for a credit, providing more value for your investment. You’re still tied to the grid when you need power (for example, you’ll need grid power at night when your system won’t be producing any energy), but those needs will be much less with the help of your system. The potential to get a 30 percent federal tax credit on the installation of your solar system is another way to save money, too. Check with your tax professional to determine your eligibility.

No matter what price you’re paying for power, when you install a solar panel system at your home, you’re owning your power instead of renting it. Each month, you continuously pay yourself back for your investment, and once you pay off your system, the savings you’ll see will be even larger. Because of your utility company’s rising costs, the cost of doing nothing will cost you more than going solar.

Beyond that, research suggests that a solar panel system adds value to your home, too. A study published in 2015 by the Lawrence Berkeley National Laboratory found that “home buyers consistently have been willing to pay more for a property with PV (solar panels) across a variety of states, housing and PV markets, and home types.” The report notes that home buyers outside of California are willing to pay above $3 a watt for homes with solar. Inside the Golden State, the premium has been found to be above $4 a watt.

This is a great time to look into going solar with help from Power Home Solar, which currently does business in five states (Michigan, North Carolina, Ohio, South Carolina and Virginia) and is eyeing a sixth. We would love to show you what a solar panel installation can do for your home. Fill out the handy form below or call us today at 800-765-2715 to see if your home qualifies to go solar.

Posted in