One of the biggest reasons residential solar energy has grown in popularity is because many homeowners now realize its monetary savings potential as well. The initial cost for residential solar panels is much lower than for utility-scale electricity. In most areas, residential solar panel installation prices are about one-third the price of commercial and industrial electricity. Therefore, for those homeowners who can’t afford to buy expensive commercial and industrial electric panels, residential solar panel installation makes great sense. A trusted residential solar company in California also makes good economic sense, as residential solar panel installation reduces the household’s dependence on expensive fossil fuels.
Residential Solar Panel Installation Savings
Another reason why residential solar panel investment makes financial sense is that many homeowners can deduct their interest payments and other expenses from their income taxes. These usually apply to commercial and industrial panels, but there are special tax breaks for residential panels. There are several savings avenues available for those who wish to install residential solar panels, including financing options and purchasing used panels. Even those with bad credit can qualify for affordable financing programs provided by a residential solar company. Even those who own their home and have not made any sizable electrical purchases can get approved for financing through a residential solar company.
Solar Panel Installation Savings for Business Owners
One of the other reasons residential solar panel investment makes financial sense is because the panels can be used to offset the costs of various home and business improvements, which significantly lowers the owner’s monthly payment and quarterly installment amounts. Most homeowner and business owners will qualify for the federal tax credit for making energy-efficient upgrades that reduce the amount of energy used and produce excess power. However, each state has its specific requirements, so it is essential to consult a specialist for your particular area.
For example, one residential ITC provider said her commercial clients can qualify for about $3.00 per month in energy savings when she installed a solar hot water system. When comparing the cost of bottled water versus the savings of a hot water heating system, it was apparent to her that the former was more financially feasible. In addition to saving money on her monthly bills, she said she also benefited from the reduction in noise that came with using solar energy. The reduced heat loss meant she didn’t need to use as much insulation around her house.
Residential Solar Company Members Save on Electricity and Natural Gas
Another reason residential solar energy makes financial sense for many people is the savings they make on their monthly electricity bills and natural gas bills, as well. By installing panels, one homeowner said she can reduce her electric bill by at least 20% and possibly more. She said the combination of her new installation and a good price from her wholesale supplier made a great combination that has paid off for her so far. However, the installation of her solar rental program took her two weekends, less than two weeks, and she is already starting to save money on her monthly utility bill as well.
Even if you don’t live on or near the ocean, you could save money on your utilities by converting to an alternative energy source such as residential solar. Although it takes some time and money upfront, the cost savings can be rewarding over time. A major incentive to consider the conversion is that you can either stay with your current electrical grid or use a renewable energy source such as wind or geothermal. You can even choose to go off the electric grid, saving yourself even more money in the long run!