Are Solar Panels Worth It? 5 Ways Your Bank Account Will Thank You

Are Solar Panels Worth It? 5 Ways Your Bank Account Will Thank You

 

Energy bills got you down? Is your monthly bill going up, up and up? Are you considering whether solar panels are worth it?

The short answer is yes.

Summer heat waves, like those we’ve experienced this year, can wreak havoc on your energy usage and drive up your monthly bill. Maybe you lower the thermostat on the hottest days just to stay comfortable. But did you know running your air conditioner below 78 degrees can increase your power usage as much as 10 percent?

Spiking energy during these higher usage times means bigger electricity bills. It’s not just the increased usage that drives up the price, it’s the rate increase for using more energy during peak usage times, too. These bills sometimes come in up to 4 times higher than the cost of a normal month!

It’s time to consider a better option: Solar Power.

Are Solar Panels Worth it?

Ask anyone who’s paid a $400 summer energy bill how it affected their budget. Most people find it hard to plan for that kind of spike. Stabilized billing alone can make solar panels a worthy option.

But how much do solar panels actually save on electricity bills? Calculating solar panel savings requires you to look at more than just your energy bill. Check out these 5 ways solar panels in a solar energy system can save you money.

5 Ways Solar Power Saves You Money

1. Stabilized Energy Billing

Check out your energy bill. Most bills contain a graph that shows you the cost over time. Look at that graph. It’s anything but stable. You can’t just budget a set amount for your energy usage.

Without solar the only thing you can control is your consumption. However, once those panels are turned on you now have control over production. We build your system based on your specific past consumption.

With a solar energy system, you will stabilize your bill by gaining control over production and consumption. Solar power comes at a fixed cost that is applied to your usage. You will not be surprised by fluctuating rates or limited to using power during certain times of the day.

2. Tax Credits

Good news! You can get some money back by installing a solar energy system.

One of the incentives for installing solar panels is the federal tax credit. This is a credit that is applied when you file your taxes in April. It reduces the amount of taxes you owe, saving you money.

Your solar panels are Energy Star certified, which means they are proven to save money, save energy and protect the environment. They do this by relying on renewable energy sources. The federal government gives a tax credit for renewable energy systems.

However, time may be running out for this program. The Bipartisan Budget Act of 2018 extended the tax credits for renewable energy through December, 2021. Act quickly to take advantage of this valuable tax credit before it’s gone.

3. Reduced Monthly Energy Bills

Solar energy is a renewable source. This makes it so much more affordable than the non-renewable energy options that your local power company relies on. They raise and lower rates according to the coal, oil and natural gas market.

This market fluctuates according to the laws of supply and demand. Since these are non-renewable sources, they will eventually run out. Thus, the costs of using them are expected to rise in the coming years.

These costs trickle down to your energy bill.

Once you switch to a solar energy system, you will end the need to rely on such unsustainable sources of energy. You will end peak and off-peak billing, rate hikes and get rid of utility company fees. Then, you’ll see your monthly energy bill go down.

4. Low Maintenance

Ever had to call your power company to deal with power problems? They only repair issues related to equipment outside your home and property. All other costs fall to the homeowner.

If you need wiring repairs, you will need to hire an electrician. This can be a very costly expense. It can also mean going without power for an extended amount of time.

Solar energy systems are made to last. You can think of them almost like a one time fee for a lifetime of use. There is very little if any, maintenance required. Most systems come with a warranty, too.

5. Locked in Power Rates

Investing in a solar energy system is not just for immediate savings on your monthly bill. It is a long-term investment that saves you money for a lifetime.

While you may need to finance your solar energy system up front, it will pay for itself in the long run by locking in your power rates for life. You will never have a hike in rates from a utility company, again.

Ready For Solar Energy?

Now that you know how solar panel savings can add up, it’s time to take the step toward freedom from the power company. Solar panels are worth it. The investment up front will save a lot of money over the course of your lifetime.

But remember that installing solar panels isn’t just a good financial decision. It is a responsible choice for the environment. Removing your need to rely on unsustainable energy sources is one small step toward a better, cleaner world.

Who wouldn’t feel good about that?

Let Us Help You

Live in Northwest Arkansas, Southwest Missouri or Kansas City, MO areas? Shine Solar is ready to work for you! Get started now with an analysis for your new solar energy system.

We work hard to bring reliable solar power to you and your neighbors.

Have more questions about solar panels or solar energy? Please contact us with your concerns. We are here to help you plan a solar energy system that’s right for you.

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