More and more people are installing a solar panel system in their home. It provides not just environmental benefits but also helps reduce your expenditure on electricity. Are you planning to install solar panels to your home or office? In this article, we will learn how the use of solar energy helps cut down the cost of electricity bills.
Benefits of Solar Energy
There are several benefits of installing a solar panel system in your house. Some of them being:
Cheaper Source of Energy
There has been a rising trend in electricity rates and a downward trend in the price of solar energy. At present, the average cost of solar panels is cost-effective than ever. There has been recorded a reduction in solar panel cost by around 70 percent in the last ten years.
Furthermore, solar incentives make the installation of solar energy cheaper. People, who wish to install a solar system in 2020, are eligible to get a 26% federal tax credit. Due to this reason, solar energy has become more and more accessible to homeowners.
Reduction in utility bills
Solar panels offer considerable savings on the electric bill. The net metering provision enables homeowners to counterbalance their utility costs with the power that their solar panels generate. Solar panels allow people to sell excess power to the utility.
This is added to their utility bills in the form of credit. Homeowners can use this credit to offset utility costs in the future. These savings are enjoyed by the user throughout the lifetime of the solar panel system (i.e., 25 years).
Insurance against increasing power prices
Electricity is getting expensive with every passing day. It is increasing at a steady rate of $0.2 per year over the last ten years. The same trend is expected to continue in the future as well.
Solar panels are one of the best ways that shield you from the ever-increasing utility costs. Solar panels generate adequate power so that you do not need to buy expensive power from the utility. So, looking at the continuously rising utility rate, it is beneficial to go solar.
High return on investment
Another important benefit of the installation of solar panel systems is that they eliminate the utility bill. The net metering facility even helps you earn an additional income source.
This facility helps users sell power generated by solar panels and earn money in return for it. Different states provide a different level of performance-based incentives that lets you earn a hundred dollars per year.
Solar energy delivers substantial financial benefits. It results in more cash in the wallet. Though solar panels have a high upfront cost, these systems qualify for several rebates, incentives, and tax credits that will significantly reduce the overall price by around 30 percent or more. It also increases the value of your house if you want to sell it in future.