How Much Money Can You Save with Solar Panels?

If you’re reading this, you probably want to know if you can save money with a solar panel system. Well, the simple answer is yes, you can save electricity, and thus, money, with solar panels. However, the answer to ‘how much money can you save with solar panels?’ is not that straightforward. 

Sure, the upfront cost of solar panel installation might seem like a lot, but it is totally worth it, especially in a state like Florida! Solar panels in Jacksonville or Tampa can help you save big time. But do solar panels wear out? Yes, they do, but after at least 20 to 30 years which gives enough time for them to recover their cost and help you save a ton! So, are solar panels worth it? Absolutely!

How Much Money Can You Save with Solar Panels?

Apart from the many other advantages of solar power, saving up money is a big one. In fact, it has many people wondering how much solar panels cost, which solar panels are the best, and where they can get solar panels in Florida. You see, we always recommend assessing viability before opting for solar panel installation.

A solar panel system might not thrive as well in a state like Alaska, but solar panels in Jacksonville can do wonders considering the amount of sunlight the Sunshine state receives. Hence, you will be able to generate quite a lot of electricity from your solar panel system, maybe even effectively eliminating your electricity bill, depending on your energy usage. However, beware that you will always get an electric bill so long as your house is connected to the grid and you’re using electricity coming from there.

Like we mentioned before, there is no direct answer to the question, ‘ how much money can you save with solar panels?’ On average, a household in the US can save anywhere between 10,000-30,000 dollars over the lifetime of their solar panel system. But the truth is, this answer will vary depending on your specific situation, and it might not even be the same every month.

First of all, the amount of sunlight you receive will impact the amount of electricity you can generate. However, this shouldn’t be a problem in Florida. Secondly, the size and angle of your roof will also influence your saving potential with a solar panel system. But the most important factor is your local electricity rate. One of the advantages of solar power is its affordability, and thus, no matter how big or small the amount you save, you are guaranteed to make a certain profit by the time your solar panels will need to be replaced. And therefore, it is definitely a worthwhile investment.

How to Save Money on Your Utility Bill?

We get it- promises of saving up big bucks by doing this or that can often feel like a scam. But solar panels are anything but that. You see, while they do, in fact, cost a lot, they will also help you save a lot. So much so, they will pay for themselves over time. Yes, the payoff will be gradual, but it will be worth it in the long term. Plus, you’ll be playing your part to save the environment, and that can’t be bad. Right? Of course, you don’t have to go fully solar at once.

Even switching small appliances to solar power instead of grid-generated electricity can have a significant impact and thus, allow you to save money on your utility bill. Sure, there are other ways to save money on your utility bill, like switching old appliances that use more energy with newer versions that are much more energy-efficient. However, that is far from easy and will probably require a lot more money. Thus, it’s safe to say that solar energy wins the solar panels vs. electricity debate because solar energy is a whole lot cheaper.

Moreover, solar panels are practically free once you’ve paid for the installation and everything. And like we said, they’ll save enough to pay that cost. Plus, since they don’t really require any particular maintenance, you can enjoy free electricity with your solar panel system. Apart from getting your solar panel system cleaned every once in a while, you won’t have to pay a dime over the installation fees. Not to mention, you can effectively save money on your utility bill for at least 20 to 30 years.

Solar Tax Credits

The advantages of solar power don’t just end here. You see, net metering allows you to sell any extra solar energy to the government. Any electricity that you don’t immediately use goes to the grid, and thus, you can deduct that cost against the electricity you use from the grid. Hence, you can earn solar credits to significantly reduce your electricity bill because you can pay for the electricity with the excess solar energy generated by your solar panel system. Obviously, you can’t use all of the generated solar power all the time, and thus, there’s bound to be some excess energy.

When we talk about solar panels vs. electricity, we need to consider the long-term effects. And since solar panels can pay off their own price and earn a small profit in the form of solar credits, there’s no denying that they are 100% worth it. So, if you need to choose between solar panels vs. electricity, we’ve made your decision easier. Now, all you need is a solar calculator to estimate the cost of a solar panel for your house- but don’t worry because, as we said, the solar panels will pay off their price over time. Just click here to get an estimate within seconds.

What are Solar Energy Tax Credits and Rebates for Homeowners?

If you’re still not convinced that investing in solar panel installation is a good idea, consider solar panel tax credits and rebates. Did you know that you can earn solar panel tax credits by investing in solar panel installation? Why? Because the government wants to encourage people to switch to solar panels instead of electricity since it is far more sustainable. The federal solar panel tax credit or investment tax credit (ITC) allows you to get 26% of the cost of solar panel installations from your taxes. What’s more, this applies to both homeowners and commercial systems, with no cap on its value. This means you can save almost 9000 dollars on your new solar panel system.

The ITC was established sometime in 2005, and it was set to expire in 2007. However, its popularity and the potential of solar benefits have kept it around. Because ultimately, as more and more citizens invest in solar power, the US is another step closer to a more sustainable, renewable economy. Furthermore, the subsidies you receive from your utility are exempted from federal tax. However, as per the current policy, this offer might not be around forever, specifically for homeowners.

Hence, if you want to switch to solar panels, as you should, now is the time! Head on over here to check out the best solar panels in Florida and get your solar panel system installed without any hassle whatsoever. You can claim your solar panel tax credits when you file your federal tax returns. Just remember to tell your accountant that you’ve gone solar so that they can help you redeem your solar panel tax credits and you can make the most of going solar.

What’s the Takeaway?

Switching to a solar panel system has widespread benefits, from environmental to even financial. Not only can solar panels increase your home’s resale value, but they can also significantly improve your standard of living. How? Because they can help reduce your electricity bills while also allowing you to earn by selling solar power back to the government. Any excess electricity generated from your solar panel system will go back to the electricity grid, and you will be compensated for it. Plus, you can save as much as 9000 dollars on your solar panel installation by availing solar panel tax credits and rebates.

So much so, over time, you can earn enough through solar credits and saving on your utility bills to recover your initial cost of installing the solar panels. Not to mention, a solar panel system is very low maintenance. You need only get it cleaned every once in a while. And it won’t wear out till at least 20 to 30 years, allowing you to effectively save up to 10,000 to 30,000 on your electricity bills over the lifetime of your solar panel system.

While we can guarantee that you’ll be able to save up, there’s no definite answer to how much you can save with solar panels. It largely depends on the sunlight you receive, the size and angle of your roof, and of course, the rates of electricity in your area. But regardless of that, you will most definitely be able to save a hefty amount.

And that brings us to the question, ‘what solar panels are the best?’ But don’t worry, we have all that figured out for you as well! Just head on over here and get the best solar panels in the market from Blue Energy Solar!

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