Solar panels: Ways they save vs. ways they make you money
Solar panels are an investment, but don’t think of them as something akin to stocks and bonds. Instead of being money makers for your financial well-being, think of them more as a prime savings vehicle because of the number of ways you can keep unspent money in your pocket. Here’s a list of bullet points that illustrate how panels save you money, and how they can make you some, too.
Ways solar panels save you money
1. Net metering. When your solar system produces excess energy, you’re credited for it on your power bill, lowering the amount you pay your utility company.
2. Solar payments. By locking in the monthly payment for your panels up front, you achieve cost certainty that the electric company cannot provide with its constantly-rising electricity rates. The protection against those cost increases is a major savings to you.
3. Free power. Even while you’re paying for your panels, the power produced by your panels is free. Once you pay off your system, your savings grow much more quickly. In fact, the average solar customer can expect to save tens of thousands of dollars over the life of their solar system.
4. Tax credits. Federal and state incentives are available for those who qualify. Those credits can take a sizable chunk out of your total cost. For example, eligible federal taxpayers could receive a 30 percent tax credit with the installation of a solar system. Check with your tax professional to determine your eligibility.
5. Little to no maintenance. With long warranty time frames on both your panels and your system’s inverter, the cost of maintaining your solar system figures to be minimal.
The beautiful thing about savings? They allow you to spend money on other things, and they are not taxable. Maybe you’re saving for a child’s wedding, a weekend getaway, or have teenagers who eat beyond their weights. The extra money will only help in each situation.
Ways solar panels make you money
1. Net metering. Wait, wasn’t this also in the “savings” column? But when you think about it, solar panels that produce excess energy are generating credits. You’d be paying your power company more without them, which is a way of saying they are making you money.
2. Increased home value. A study published by the Lawrence Berkeley National Laboratory in 2015 indicated that installed solar systems resulted in higher home values for the homeowner. Prospective buyers see the value in paying less for their electricity and place a premium on it.
With our innovative solar program, homeowners in our five-state coverage area (Michigan, North Carolina, Ohio, South Carolina and Virginia) can go solar for $0 up-front cost, save money on their electric bills, and generate their own clean energy. The solar panels installed on your home are American made and come with a 25-year warranty, with many panels expected to last well beyond that.
Please feel free to fill out the form below or contact Power Home Solar at 800-765-2715, and one of our solar representatives will help you determine whether your home qualifies for this program.