5 Ways Going Solar Saves Money
There are many reasons to switch from conventional power to solar power and solar energy, and saving money is at the top of the list. Who wouldn’t want to continue to power their electronic devices and home appliances while saving money? Having affordable solar energy can save you an average of $44 to $187 per month during the first year, according to estimates1 from the NC Clean Energy Technology Center. But why is solar power cheaper than getting power off the grid? Here are five advantages of solar energy.
Home Solar Panel Cost Is Dropping
The cost of residential solar panels has dropped dramatically over the past several years. A report2 from the International Renewable Energy Agency found that solar photovoltaic (PV) module costs have fallen 75 percent since the end of 2009. As more solar panels are produced and solar technology is refined, the prices will continue to fall, yet another advantage of solar energy.
No More Rising Electricity Costs
Going solar also releases consumers from the price volatility of the electricity grid. Consumers that choose solar no longer have to worry about the uncertainty of rising utility rates and ever-higher bills. Instead, consumers who buy their own affordable solar panels harness the free power of the sun by collecting and storing solar energy.
Tax Credits and Government Incentives
Most consumers have access to tax credits and incentives when purchasing home solar panels. Qualified homeowners can receive a 30 percent tax credit via the Residential Renewable Energy Tax Credit3. Many states also offer financial incentives.
Selling Excess Energy Back to the Grid
In most states, consumers who own their own panels can sell their surplus power back to the utility company in a process known as net metering. That means a meter will track how much power is sent to the utility over a period of time, and the homeowner will receive a credit or compensation at a wholesale rate.
Zero Down Lease Options
Homeowners worried about putting down money to buy residential solar panels have the option of leasing panels from an affordable solar provider for zero down. They then agree to buy the solar energy at a reduced rate.
The good news for consumers switching to solar power is that there’s never been a cheaper time to go solar than right now. And as the advantages of solar energy add up, so do the savings. For more information, go to Verengo ® Solar.
- Verengo Solar Savings Calculator
- What Does Solar Cost?
- All About Solar Financing
- DIY Solar
- How to Rent Solar Panels
1Going Solar in America: Ranking Solar's Value to Customers, http://nccleantech.ncsu.edu/wp-content/uploads/Going-Solar-in-America-Ranking-Solars-Value-to-Customers_FINAL.pdf
2Irena Report, http://www.irena.org/DocumentDownloads/Publications/IRENA_RE_Power_Costs_2014_report.pdf
3Residential Reweable Energy Tax Credit, http://energy.gov/savings/residential-renewable-energy-tax-credit
What Can You Save With Solar?
With no end in sight for soaring electricity rates, your switch to solar will secure affordable power for your home & family for years to come.