If you are thinking about installing a solar energy system in your home, one of the foremost questions on your mind is probably “When will I start saving money?”
You’re not alone in wondering whether you should wait a few years for the industry to ripen or just go ahead and take the plunge. But if you have an accurate picture of how and when your system will pay for itself, chances are you will feel more ready to get out from under the thumb of spiking utility costs and take advantage of this opportune time to commit to solar.
Immediate Monthly Savings
A solar energy system will save you anywhere from $44 to $187 per month on your utility bills, and this number will only get higher as utility costs rise. You don’t have to wait around for these savings or worry that they might not come to fruition—as soon as your system is up and running, the savings will be reflected on your next bill. Over 20 years, you could save $20,000 or even $30,000.
Think about it like this: the longer you wait, the more you will be paying your utility company in the meantime. Instead of holding out for the optimum time to install solar, realize that your window of opportunity is here, now.
Incentives and Tax Breaks
The price of solar modules has significantly reduced over the last decade. As the demand for solar energy grows, the industry has adapted, providing more efficient technology and more availability in residential areas. But the price isn’t the only perk you should take advantage of while you can. Government tax breaks, along with local and state incentives, mean that thousands of dollars could be subtracted from the cost of installing your solar energy system. Currently, the federal tax break is at 30 percent. That means that your system may take even less time to pay for itself than you would expect.
Home Value Increase
Regardless of month to month savings, there are other ways that your system pays off. Prospective home buyers are willing to pay thousands more for a home with a host-owned solar module. Studies have shown that rooftop solar panels, on average, add $15,000 to a home’s value. Remember that this is just an additional perk of boosting your home’s green credentials and generating your own affordable, sustainable energy.
There’s no flat rate across the board for how much solar can save homeowners each month, according to Modernize. The positioning of your house, the size and pitch of your roof, and the shade in your yard are all factors that could impact how well your solar energy system is able to convert radiant heat to energy and therefore how much you will save on energy bills. The only way to know exactly how much you will save is to get a quote—and the only way to save is to take the dive into sustainable energy.
Don’t wait any longer to go solar! Contact an Action Air Solar Representative now and schedule your FREE ENERGY AUDIT.
Blog Post Written for Action Air via Modernize