Apart from being a renewable source of energy that reduces your carbon footprint, solar energy is also beneficial for saving expenses.
And when we talk about saving money, it is not just about reducing your utility bills, but there are other cost-saving benefits that come along with residential solar installation. We take a look at 4 ways you can save money when going solar:
Reduce Utility Bill
The most apparent way in which you save money is reducing your dependency on utility, that eventually lowers your bill. With solar installation, you are able to produce your own energy. The amount variation depends on how much power you are generating, the size of the system, your utility rates, and other factors. And in some cases, like with large solar power systems, you are able to produce enough electricity to completely offset your bills.
Earn Credits Through Net Metering
Every US State has authorized a net metering program for solar system owners. Net Metering is a billing mechanism that credits the people who add electricity to the grid through their solar power systems. For example, your solar system is generating more energy than you consume, then you can sell that excess power to the grid. This way you receive solar credits, which can be cashed out as payment after a certain amount of time, or rolled over to next month’s utility bill, depending on the particular state’s policy.
Earn Rebates and Incentives
To encourage people to go solar, the federal government provides 30% federal rebate for your system and installation costs, available with the tax return. Along with this, you will also receive New York solar incentives, or specific incentives according to your state. When going for solar installation, do ask your service provider, and check with the local authorities about the incentives and rebates.
Reduced Solar Panel Costs
Comparing with the last few years and decades, solar panel costs are at the historically lowest levels now. The present-day solar systems are also technologically advanced and more efficient. So, get your solar panel installation, and save loads of money.
So, opting for a residential solar installation will not only help you contribute towards moving to greener resources, but also save you a good amount of money.