How Much Do Solar Panels Actually Save You?
Solar panels should save you money in the long run, but they may take more than 10 years to pay off.
There are some financial factors that can reduce the cost of solar panels dramatically. Federal solar tax credits are one. State and local solar incentives are another.
In a Nutshell
Solar can save you money in the long run but the amount depends on your location, the size of solar units you install, the incentives offered, and the ability to sell back power to the grid.
These State offer solar credit and incentives in addition to the Federal credit.
Arizona
California
Colorado
Connecticut
Florida
Hawaii
Illinois
Massachusetts
Maryland
Nevada
New Hampshire
New Jersey
New Mexico
New York
Pennsylvania
Rhode Island
South Carolina
Texas
Vermont
Wisconsin
If you don’t live in one of those States, you won’t get the State credit to offset solar costs, but you are still not done. You can still, in most cases, sell the solar power you generate back to the power company. Almost all locations offer this incentive. You’ll have to crunch the numbers in your local area, but it may pay to install the largest solar power system that you can reasonably place on your home with an eye toward selling excess solar energy as much as possible. .
You can get a solar power system that will generate enough solar energy to offset your electric bill with little or no cost to you. This is not easy and it may take some tracking down of rebates, but these days it’s worth the effort. The allure of solar energy has grown so quickly that there are whole businesses devoted to installing solar panels on rooftops. The United States currently has 6,000 solar businesses, with an estimated 3 million people employed in the sector.
It’s going to be different in every location, but take your current power bill and see how much you pay for electricity annually. Now imagine that bill be reduced to zero. Imagine that money back in your pocket, not only this year, but every year for the next 20 years. That’s the goal. Sure, you will have to lay out some money to start to get solar installed. Well, that’s not even true in a lot of cases. Solar companies are offering zero down financing to ease the impact. You will probably have to send them as much as your current power bill each month, but then, don’t forget about selling power back to the grid and the government incentives. In other words, it’s a no-brainer. The entire nation is looking for the same thing: a way to get more sunlight in winter and reduce transportation requirements. Solar offers that solution, but we have to be smart about how and where we put it. In some areas, that won’t be possible because of the terrain or climate.
