save money with solar panel

How to Save Money with Solar Panels

Working with solar panels might seem like the environmental option, but is it the smartest financial option? 

We’re going to look at the ways in which solar panels can save you a lot of money over time. Some of the benefits might not be ones that you’ve considered before. 

Hopefully, the ideas below will steer you toward considering installing solar panels for your home. So, how much money can you save with solar panels?

A Brief Guide: How Much Money Can You Save With Solar Panels?

It’s difficult to give a specific amount of savings because each household or individual uses a different amount of energy. That said, we can talk about percentages and you can adjust the figures to your situation. 

The first thing to consider is the cost of solar panels. Solar panels cost a fair amount, but they will instantly save you money. 

This is because you can choose to get a loan for the installation of your panels. On an average house that pays around $100 per month in electricity, the monthly loan payment would land near $80. 

Further, that loan isn’t subject to rising energy costs. As fossil fuels become scarcer, costs will rise. All the while, the free and endless energy from the sun will be fueling homes with solar panels. 

Once the loan is paid off, there are no additional costs other than maintenance. If you choose to expand the size or use of energy in your home, you simply need to invest in more panels or upgrade the system. 

Further, there are potential tax benefits that you could receive. Things change every year, but a significant chunk of the installation cost could be forgiven. In some cases, that means 30% of the installation fee is tax-deductible.

Other Benefits and Savings

Beyond the direct financial benefit, there are a number of external benefits that affect you. 

First, you’re not dependent on anyone but yourself for your power. Consider issues with the power company, weather-related power outages, and the security of the future. 

Not that the world is going to end anytime soon, but we’ve all experienced how quickly things can change. In the case of a catastrophe, you’ll know that your home has power. 

Further, you’re doing a solid for the environment. Most scientists agree that we’re entering a critical point in climate change. If we don’t change things, we’re going to lose a lot of our critical habitat. 

Shifting to solar is a move away from fossil fuels. The toll that harvesting, transporting, and using fossil fuels takes is a significant one. Solar energy comes straight to us and doesn’t pollute at all. 

If these benefits sound great to you, it might be time to find the right solar company for your home.

Want to Learn More About Renewable Energy?

The answer to “how much money can you save with solar panels” is relative to the amount of energy you use. In reality, though, you save a lot more than money when you use solar panels. 

You save the earth and its inhabitants. The extra money in your pocket doesn’t hurt, though. Explore the rest of our site for more ideas and insight into renewable energy and how to incorporate it into your life.