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How to Lower the Costs of Solar Panels

Adrienne SorensenOctober 30, 2018 1107 0

How to Lower the Costs of Solar Panels

If you plan to reduce your cost of panels being installed into your home or property, you may want to check out some of the tips found here in this article tailored for finding the best price on panels.

 

When begin attempting to find ways to save on energy costs, a great first method conducts an energy audit across your home. When you elect to conduct an audit, an auditor will do a comprehensive investigation of your usage and areas where you can upgrade to help you determine if you would see gains from a system. After the audit is over, a professional can help you to select the right place, size, and panels to maximize your saving potential.

 

When considering the possible prices of solar in your house, you may hesitate to spend your money on the most costly types of panels and mounts, but try to remember that you will save money in the long-run when you see reduced electricity bills. It could be that what you spend up front will pay for itself very quickly through those reduced monthly energy bills. Location is everything, and the amount of sunlight your panel system receives daily, in combination with the average rate of electricity in your state, savings as much as $20,000 could be experienced over time.


Federal Tax Credits

The United States Government has been helpful in certain times to reduce significantly the price of adding renewable energy to as many of its citizens as possible. Perhaps known as the most significant incentive of all, the Federal Solar Tax Credit, also known as the investment tax credit (ITC). This tax credit allows clean energy purchasers to deduct 30 percent of the price of adding panels to your home or property. That means for every $100,000 spent on panels there is a tax deduction of $30,000. For purchasers of all types, it is relevant that this credit applies to both residential and commercial systems. Lastly, there is no limit on the amount that qualifies for the tax credit. This no limit plan is the fundamental reason why both business and residential installations per state grow each year.

 

State By State Savings Differences

The average savings for a solar-powered home is $7,500, where the average cost is $14,600 in the state of Washington. This is a variation of price is somewhat cause due to the state of Washington's low electricity price in comparison to a lot of other states, and that Washington gets a lot less sun than many other states in The United States.

 

In contrast to Washington, Massachusetts, continues to be the top-performer of solar on a state-by-state basis. The average solar spend is just over $14,000, while the savings on a 20-year term can reach approximately $30,000. Don't forget that this is because of the higher the electricity price, which is greater than the country's average price. Massachusetts also know for its extensive clean energy policies. The median break even period on a 5kw system in this state lands in the short period of 4 years.

 

As you can see, states vary in options for savings, but there are more ways to save. Another method for making big savings comes from selecting products with quality efficiencies and track mounting can step up your game even further. Track mounting makes your system able to absorb all the potential light available, and using efficient high-quality panels will help to convert that light at a maximized rate.

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