Solar panels generate electricity, reducing the energy your home or business uses from the utility grid. State and local rebates and the federal solar investment tax credit are incentives that can reduce upfront costs and increase your savings. Your savings can vary based on your location, the size of your solar system, and whether your utility company offers net metering policies.
Reduce Your Utility Bills
A well-sited rooftop solar panels can offset two-thirds to three-quarters of a household’s energy needs, significantly lowering utility bills. These savings and additional advantages like higher property value and cheaper maintenance make solar an excellent long-term investment. Your solar panel system’s size, efficiency, and energy consumption habits will determine how much money you can save on your electricity bill. Several states also provide solar incentives. You can benefit from net metering laws and receive credits on your electricity bill as cash rebates or energy credits by selling any excess energy you generate back to the grid.
Investing in solar batteries can boost your savings, mainly if your utility provider charges more for electricity during peak demand hours (known as time-of-use rates). For example, you can run your washing machine or air conditioner with solar battery storage during non-peak hours and avoid paying those high peak rates.
Reduce Your Carbon Footprint
A residential solar power system takes less than three years to offset its life-cycle emissions, making it carbon neutral. This number varies depending on the electricity rate and climate in the area but is significantly lower than that of fossil fuels. With proper maintenance by solar contractors, these systems are long-lasting, which implies that they can keep cutting back on the quantity of carbon dioxide emitted into the sky. Homeowners can even minimize their carbon footprint by integrating a battery with their solar panel system. It will allow them to take advantage of time-of-use rates and avoid paying higher electricity bills during peak demand. It also helps if their local utility offers net metering, which will credit them for any excess energy they produce at the retail electricity rate.
Save Money on Energy Bills
With technological advances, lowered system prices, and state and local financial incentives, rooftop solar is becoming an increasingly attractive energy option for homeowners. The cost of a residential solar energy system has fallen by 45% between 2008 and 2014, while federal tax credits and rebates can cut the upfront investment even further. Depending on your energy usage, an average-sized home with 8kW of rooftop solar will save you between $1,500 and $2,400 annually. You can also see additional savings by using a solar battery to store excess power generated during the day and then using it at night when your utility bills are typically at their highest rather than continuing to pay for grid electricity at peak rates.
Unless you live in a sunny and cloudless location every day of the year, most homeowners will continue to receive an electricity bill because their solar systems do not produce electricity during dark hours or on stormy days. Luckily, the utility will still buy back your power at a discounted rate through net metering or a Time of Use rate plan.
Build a Nest Egg
While the upfront cost of installing a rooftop solar energy system may seem high, the savings you’ll see in your electric bills over the long run will more than offset it. Plus, the fact that you’re using a renewable source of electricity means you’ll be helping to preserve our planet and reduce air pollution in the process. While some homeowners have reported seeing birds nesting under their solar panels, it could be better. A bird’s droppings can help improve the efficiency of a solar panel installation by cooling it down and keeping insects away.
Suppose you’re worried about the potential for bird infestations. In that case, you can deter them by creating a physical barrier like netting or fencing around your solar panels or using sound as a deterrent by playing nature sounds near them. Additionally, planting native plant species around your solar array can encourage birds to stay away.
