Installing solar panels not only benefits the environment; it’s also a wise investment. Here are just a few of the ways you can save money by going solar.
Lower Utility Bills
When you obtain your energy from the utility grid, you often see your rates increase year after year. Your usage may even be subject to dynamic pricing, when rates go up during high-demand time periods. By tapping into solar energy, your home can generate some or all of the electricity you need and the cost may never vary. Your electricity bills are likely to shrink, and in some months may even hit zero! A great way to get information about solar savings is to research solar investment New Jersey or check listings in your own state.
In addition to savings on your utility bills, there are many local, state and federal tax incentives for switching to solar. For example, the Investment Tax Credit program currently offers substantial federal tax deductions for installing a new system. Note that this ITC deduction may not be available after 2021, so making the move to solar sooner rather than later is the best way to take advantage.
In New Jersey and other states, if you produce more solar energy than your home requires, you can sell that excess energy to the utility company. You then receive credits on your electricity bill, which can be helpful during time periods in which you are using more energy than your panels produce. This is called net metering, and it allows you to benefit financially when your system is generating extra electricity.
There are many reasons to switch to solar energy. While the positive impact on the environment may be important to you, don’t overlook the fact that going solar is a great investment as well.