Solar power can mean big savings and profits

Francisco CastroJune 5, 201919360

Everyone wants to live a better planet for his kids and when you decide to make an investment in a home solar energy system, you want to cut down on your utility bill, but you also want to tap into a renewable source of energy that will reduce our reliance on dangerous and damaging fossil fuels.

And saving money and doing good for Earth is not an oxymoron. When it comes to solar energy, it’s truly the only way about it.

Ted Barbour’s Pennsylvania farm is proof of this, notes Yale Climate Solutions.

“Beef cattle graze on grassy hills. Behind them sits an almost 100-year-old barn with solar panels covering the roof,” they note. 

In 2010, Barbour decided solar energy was part of a larger effort to farm sustainably. He does not use pesticides, synthetic fertilizers, or growth hormones on the farm. And he rotates the cattle through his fields to avoid over-grazing.

His investment in a solar power system paid off in about four and a half years and now the energy generated covers much of the needs of the farm. Even more, when the photovoltaic (PV) modules are in full force creating more power than the farm needs, that extra electricity is sent to the grid. 

But that’s not all. His solar array is not only a good  investment, but an attractive marketing feature, showing customers his commitment to protecting the environment and reducing his carbon footprint. And that helps with his bottom line.

Sunlight turns into dollars

Like Barbour, those who have made the switch to solar power have found the many benefits of it, both environmental and financial. 

According to statistics, the average American family has to fork out more than $1,430 a year for their electricity expenses alone. On top of that, the cost of electricity has risen by 2.2% per year across the nation. 

The installation of solar panels on your roof or property will start cutting down this expense as soon as they’re turned on. And will keep lowering your electricity bill for the next 25+ years they will continue generating energy.

And with net metering, you can sell extra power to your utility in exchange for the power you get from it. If your solar array is properly sized to meet your energy needs, you could offset all or mostly all of your power needs. You’ll be paying only a fraction for utility connection and maintenance fee. 

That’s money in your pocket every month that you can use for anything you want or simply save it for a vacation or your kids’ college fund. 

And paying for a domestic solar power system is now more affordable than ever. If you install solar panels this year on your property, you can still claim the 40% solar investment tax credit (ITC) that will begin to phase down to 26% next year, 22% by 2021 and will disappear after that. Businesses will be able to claim a permanent 10% at that point. 

There are also various local incentives, rebates and tax exemptions that can bring the price even lower. The average home solar energy system now costs between $11,000 -$14,000, something that many homeowners can afford or pay with a low-interest loan. 

To find the appropriate size of solar array for your home, simply access the Hahasmart price checker. Provide your address and monthly electric costs and you will get an estimated price of the panels and inverter - the most expensive parts of a solar energy system. They’ll also provide you with an estimate for the cost of installation based on thousands of completed solar projects in your area. All you have to do is provide your address and your average monthly utility bill.

They’ll even provide you with an estimated buyback period, the point where the electricity savings cover the purchase of your residential solar panels and your system becomes free.

In addition, they’ll connect you with their installer network to get your residence equipped with solar power as possible.  

The savings and profits you achieve with the installation of solar panels are obvious, says a posting in the personal financial website Esi Money

“Our two solar PV systems produce more than what is necessary to run our hobby farm and our home. Psychologically, not needing to worry about an energy bill is remarkably gratifying and provides a fantastic sense of security,” the write notes.

“Investing in solar can be a great way to save money and hedge against inflation,” he concludes.

Kevin Mercadente is even more explicit in explaining “how solar panels can save you a fortune in energy costs” in an article on the Money Under 30 website.

“The cost of installing a solar system in your home is admittedly high. An average system at $18,840 will be $13,188 even after the application of the 30% federal tax credit. But if you’re currently paying $200 per month for electricity, you’ll save $2,400 per year after installing a solar system. That means the system would pay for itself in about 5 ½ years ($13,188 divided by $2,400),” he details

But then notes that “the upfront cost of solar installations is easily justified by the long-term savings. If you have high electric bills, and you’re living in an area with abundant sunshine, the payoff can come even sooner.”

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