How Much You Save With Solar
You will certainly reduce or eliminate electric bill from your monthly expense. There are several factors that influence to determine your total solar savings including how you finance your solar energy system; if you consider the advantage of tax incentives such as the 30% federal investment tax credit to how much you currently pay for electricity, to if you are selling your house. Generally, the more solar energy you produce, the less you have to buy. That means you start saving immediately after your solar energy system hits production.
In order to estimate your electric bill savings you have to determine if your average electricity bill is minimum ($70+ a month) which means you can consider switching to Solar Energy System. Figure out how much solar energy can you generate, do you have shadows covering your roof and what are your local utility policies; are they solar-friendly?
Answers to these questions will help you find out, how much can you save each month with a solar energy system. Perfect Solar Home will set up a free evaluation with our certified technician/installer. Primarily the biggest reason for people to switch their homes to solar energy system is for the need to reduce their energy bill. An average American family spends approximately $1,300 on their electricity in 2018, while the national electricity costs has risen about 2.2% year on year.
Energy prices rise on the bases of weather and demand recorded on the grid time to time, therefore going solar will enable you to lock the energy price. Savings vary from household to household and time of the year, but many have said that they no longer pay an electricity bill to just a nominal connection fee every month.
Adding a solar energy system can add value to your property worth making it is a good real estate investment. According to recent studies, solar energy system can increase the values of properties up to 4% depending on where you live.
Investment tax credit (ITC), will allow homeowners who get solar energy system installed by the end of this year to deduct 30% of the cost of their purchase out of their federal taxes to scale down to 26% in 2020 and 22% in 2021. If your tax is not enough to accommodate the credit in one year, it will be rolled over to the next year until the credit is available. For example, one of our customers from New Jersey was spending $2,200 yearly on electricity. After he went solar his cost came down to $3 monthly average service fee. No’ other home improvement investment pays you money “With a solar energy system you can calculate exactly what are you getting back.”
Exact ROI will also depend on the payment plan you choose i-e is it cash purchase, lease, or financed all have variable financial benefits in different timelines to establish your solar energy system savings. But given the fact of being able to reduce or even eliminate your electric bill, electricity rate lock, increase in value of your property, and a dash of solar tax credit advantage with incentives, the returns are likely to be of thousands of $Dollars$ in the life cycle of your solar energy system.