Are you thinking of investing in solar? The good news is, now is the best time to invest in solar. According to the US Department of Energy, solar PV panels have experienced an average cost reduction of 60% while solar electric systems have experienced an average cost reduction of 50% since 2010. Here are more ways to potentially save money by switching to solar.
Reduce Electric Bills
The biggest way that solar helps you save money is by reducing your utility bill. If your electrical consumption was particularly high before switching to solar, then you stand to save even more. Over time, you find that the cost of energy is gradually increasing so you may be able to save more over time. The cost of solar panels might seem high initially but keep in mind that solar panels are durable and can last for up to two decades while requiring minimal maintenance. If you live in an area that gets plenty of sunlight, then solar panels have an especially high ROI.
Access to Solar Financing
Solar financing allows you to save money by giving you the extra money you need to switch to solar sooner. This is a type of financial product designed specifically for people who need to borrow money to purchase solar products. After all, you may not always have enough savings to switch to solar and it may take you months or years to save up the required money. All the while you’ll be stuck with expensive electric bills. With solar financing, you can spread the cost of switching to solar over the long term which makes it more affordable.
Benefit From Tax Credits
Many U.S. states offer tax credits for property owners who install solar panels. These tax credits are there to encourage people to become more green-conscious and take steps to save the environment. When you switch to solar you could potentially save money by not having to pay income taxes. You can claim the tax credit during tax season as you’re filing your tax return.
If you have been wondering if switching to solar is worthwhile financially, the answer is yes! Even if you can’t afford to switch to solar now, solar financing allows you to save money sooner rather than later. If you would like to know more about solar financing, contact us today and we would be happy to help you.