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How Much Do You Save With Solar Panels? An Informative Guide

Unless you have been living under a rock for the past decade, you will probably already be well-aware of the benefits of solar. As record numbers of American households decide to switch to solar, the chorus of voices extolling the virtues of renewable energy has reached a crescendo.

After all, we know that the benefits of solar panels include a reduced carbon footprint, greater energy efficiency, and reduced reliance on utility companies. But this is not the whole story. Instead, you might be thinking about your bank balance. After all, how much do you save with solar panels, and are these cost savings worth the investment? Read on to find out. 

1. Upfront Savings

One thing that causes many people to hesitate from switching is that types of solar panels can have a high price tag attached. After all, the full sticker price of purchasing solar panels and arranging for the installation can easily run into the tens of thousands of dollars.

However, it is crucial to note that virtually nobody pays anything like these prices for residential solar panels. This is because most home solar panels in America as eligible for generous Federal Tax Credits. These credits will allow you to claim back up to 30% of the cost of the panels in your next tax return, amounting to massive solar panel savings. 

When conducting a solar panel cost-benefit analysis, it is important to keep these upfront savings in mind. 

2. Short-Term Savings 

Once you have your solar panels installed, there are also some substantial short-term savings that you can take advantage of. First off, it is worth pointing out that your actual energy will be completely free, at least for a certain period. For example, if you’re looking for solar near me in Georgia, you can choose a top provider like Blue Raven, which offers 18 months of unlimited free energy to all customers.

This could immediately save you hundreds or even thousands of dollars. In addition, you will no longer be at the mercy of greedy utility companies, as a home solar system provides a strong degree of self-sufficiency. If your utility provider jacks up the price of their services, you don’t have to worry about it, as you have your own unlimited energy source in your backyard. 

These are short-term savings that will quickly mitigate the initial costs of solar panels. 

3. How Much Do You Save with Solar Panels in the Long-Run?

The most important consideration when making a major investment like solar panels is how much you stand to save in the long run. For this, the answer may pleasantly surprise you. For one, your energy bills will be massively reduced.

You may still need to pay for energy from your utility provider, but the amount you will actually use will be a fraction of what it was before you installed solar. In addition, you can even sell your excess solar energy supply directly to a local utility company for a profit. What this all translates into is tens of thousands of dollars of savings over a lifetime. 

More Tips on Healthier Home Finances 

Now that you know how much do you save with solar panels, it’s time to take one more step towards future-proofing your finances. At our dedicated Money Smarts section, you’ll find expert insights on how to save money and make your money work for you. Make sure to check it out today.