How Much Do You Save With Solar Panels? The Ultimate Guide

Published on: 29 September 2021 Last Updated on: 22 February 2022
Save With Solar Panels

It’s no secret that installing solar panels in your home can save you a significant amount of money. After all, you’ll be able to partially generate your own electricity as opposed to relying on utility providers. Not everybody knows just how much they can expect to save from home solar panels, though.

How much do you save with solar panels? Let’s take a look at the contributing factors to solar panel savings.

Sun Exposure

As you might guess, the amount of sun exposure in your region will play a large role in determining how much money you save with the best solar panels.

Those who live in states like Arizona, California, Florida, or Texas will save more than those who live in Washington. This means that those who live in regions with a particularly cloudy climate may want to hold off on investing in solar panels.

The Cost of Installation

The Cost of Installation

Those who wish to install solar panels on an average-sized home will need to pay approximately $10,000 to do so. Those who have larger properties will need to spend even more. This also means that it will take you longer to recoup your initial investment.

Keep this in mind moving forward so that you can determine whether or not this option is best for you. You can check out this solar installation company to learn more about a reputable resource for this type of equipment.

Your Overall Electric Bill

Your Overall Electric Bill

The more electricity that you use on a regular basis, the more money you will save by using solar panels. However, those who use minimal electricity each month won’t save enough money to justify the costs of installation. So, those who will benefit most are likely those who run a business out of their home, have a substantial number of people living at the property, etc. To get the most precise measurement and the most out of your solar investment, you should be equipped with a smart electric meter.

Government Incentives

Interestingly, many people are unaware of the fact that the government offers incentives for homeowners to install solar panels. This comes in the form of a tax credit, which allows you to deduct a certain amount of money from your overall income. By extension, this then reduces the amount of money that you pay taxes on.

On average, you can expect to receive a tax credit of approximately 23% of the cost of your solar panel installation. Those who spent $10,000 on installation, for example, would be able to write off $2300 from that year’s overall income.

So, How Much Do You Save With Solar Panels?

The answer will highly depend on the factors listed above. In general, however, you can expect to save approximately $1500 per year on electricity.

Over time, this number can quickly add up. So, keep the above answer to “how much do you save with solar panels” in mind.

Looking for more tips that can help you out later on? Check out the rest of our blog for plenty of more useful information.

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I enjoy writing and I write quality guest posts on topics of my interest and passion. I have been doing this since my college days. My special interests are in health, fitness, food and following the latest trends in these areas. I am an editor at Content Rally.

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Solar Incentives

What Are Solar Incentives?

In a bid to put an end to global warming, more and more technological inventions are tilting towards promoting the sustenance of the environment; which is practically the main reason why the solar panels are invented as a means of producing electricity in the first place. To get more people on board to subscribe to this new means of producing power, measures were put in place; in which one of them is to allow the owners of the solar panels to enjoy certain privileges, which are loosely called Solar Incentives. So you ask, What Are Solar Incentives? This is a measure put in place to ensure that owners of the solar panels enjoy certain benefits, just by installing and using the product. These solar incentives have led more people to subscribe to the idea of installing and using the panels for their homes and business; because not only is it profitable to the environments, it is also profitable to their finances in the long run. The following are some of the Solar Incentives there is: 1. Solar Investment Tax Credits: Of all solar incentives available, this is the one that is commonly known. In this case, Solar owners benefit by having the privilege, as made possible by the federal government, to take out a portion of the cost of the solar panels from their taxes. What that means is that the cost of the system is being subsidized by a certain percent, from your taxes. The common investment tax credit percent is 30% of the cost of the solar panel system. Enticing isn’t it? So, if the solar panel system costs $10,000, you are only paying 70% of that amount, with the remaining 30% already footed for from your taxes. The only twist to this is that to be able to claim the investment tax credit, your taxable income should be higher or equivalent to the investment tax credit. 2. State Tax Credit: This is basically similar to the federal investment tax credit, only that this time, a small portion of the cost of the solar panel system can be deducted from your state tax bill, relieving you of some costs that would have been invested in purchasing of the solar panel system. The only twist to this is, unlike the federal tax credit, this is not applicable to all states; only residents of some states are privileged to enjoy this package. For those that could enjoy this package, they could end of saving about 50% of the cost of the solar panel, making it easier for them to purchase the solar panel system and enjoy its benefits. 3. Solar Renewable Energy Certificates (SREC): The New Jersey’s Solar Renewable Energy Certificates (SREC) program have made it possible for residents in new jersey that have acquired and installed the solar panel system to enjoy a special kind of solar incentives called certificates – though this is not exclusive to new jersey alone. You may be asking, what are Solar Renewable Energy Certificates? These are a type of solar incentive that allows owners of a solar system to sell the certificates to their utility. By standard, if you can generate 1000 kilowatts hours (kWhs) from your solar system, you are eligible to get one SREC; and an SREC is worth at least $300. Now imagine how much that figure can rise up to if you can make 6000 kilowatts hours. Let me just leave you to do the mathematics yourself. If you were once unsure about purchasing a solar panel, this should make you change your mind. 4. Net Metering: It is common knowledge that some owners of the solar panel system produce more than they can consume, in which they decide to store the overflow in an On-site battery. What if I tell you that instead of storing that in an on-site battery, you can sell to your local utility company and get returns which can be used to foot other bills. Amazing deal, isn’t it? I can bet you think it is. That’s basically what Net Metering is all about. So in days, you create more electricity beyond what you can consume with your solar panel system, instead of hoarding it in your battery, you are given another opportunity to get returns for it. Think about the future energy bills and other bills you can foot by selling excess power produced by your system. 5. Cash rebates: These are basically cash backs for the owners of the solar panel systems. It could come from different parastatals – like the government, utility company etc. – that are concerned about promoting the use of solar energy. This could also help subsidize the cost of the solar system. With the aforementioned solar incentives available, the idea of investing in the purchase and installation of a solar panel system is becoming more appealing. What are Solar Incentives? I hope this article has done justice to answering that question. Read Also: Prepare Your Solar Panels For The Fall Everything You Need To Know About Portable Solar Power What You Should Know About Solar Energy For Schools: Benefits, Expectations, And More

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Solar Power Systems Include A Battery

Why Do Some Solar Power Systems Include A Battery?

When you go to purchase a solar power system, you will find a variety of options. Some will include a battery. Others will not. The battery can either be a battery that stores the energy of the sun, one that stores the power of the wind, or a combination of the two. Lithium-Ion Batteries Lithium-ion batteries are a type of rechargeable battery that provides more storage capacity without taking up more space than lead-acid batteries. These types of batteries are useful for off-grid power stations. They have high charging and discharging efficiencies and long service life. However, lithium batteries do have their limitations. These include the potential to catch fire. Furthermore, the battery's lifespan depends on how deep it is charged. This is known as the Depth of Discharge or DoD. Most lithium solar batteries have a DoD of about 95%. 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Another benefit of adding a battery bank to your PV system is that it can allow you to take advantage of tax credits. As a result, you can end up with a completely self-sufficient home. You will be able to store excess energy for use during periods of inclement weather or in the evening when the solar panels are no longer producing. DC coupling is a promising development in the field of energy storage. It is a newer system architecture that can increase the efficiency of an Energy Storage System. Unlike the AC counterpart, a DC-coupled system has direct current wiring. This allows for faster, simpler installation. Furthermore, the systems can be expanded. Inverters used in DC-coupled systems are usually smaller than those used in AC-coupled systems. Because of this, DC-coupled systems may be more suitable for residential or small commercial applications. Those that are more than 6kW will require multiple strings of solar panels. 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Burn More Calories

Must-Follow Tricks to Burn More Calories

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