Solar Panels: Best Way to Save on Utility Bills and Profit

With electricity prices expected to rise over the coming years, homeowners are searching for ways to save on utility bills. As trends are shifting towards incorporating sustainable energy sources into daily life, many are considering investing in solar energy. Not only does it provide a way to reduce the expense on bills, but it can also significantly improve the value of the property.

Though prices of panels vary from place to place, trends seem to be in favor of solar because prices are dropping across states. A lower price tag may be enough to attract some people. And the greater incentive comes from the fact that there’s a way to make money from them.

Do I save money?

Going solar is a major step towards a greener approach to living. One of the main advantages of installing solar panels is the reduction of your electric bill. So, yes you do save money!

However, exactly how much you save is greatly influenced by where you live. The number of hours of direct sunlight, the angle of your roof, and the size of the panel all play an influential role in determining your savings.

Profiting From Solar Panel Installation

Most state governments offer some sort of tax subsidy or grants to encourage more widespread solar panel usage. As a result, the final cost after installation may be less than the sticker price. Furthermore, tax credits given for solar power could help reduce annual tax bills. However, the best way to profit from having solar panels installed on your roof is through net metering.

Net metering allows utility customers who generate their own solar electricity to feed some of the energy that they do not use back to the grid. This billing method credits solar customers against their electricity consumption, lowering their monthly bills. Most states have passed net metering laws, but differences between state legislation and implementation mean that the benefits of net metering can vary for solar customers in different parts of the country.

Savings from solar panels add up. According to EnergySage, homeowners in Washington will save about $12,905, on average, if they go solar over a 20-year period. In California, homeowners will save approximately $11,800 on average, and, in New York, homeowners can save $11,000 over 20 years. Some estimates put these savings at much higher numbers.