Do Solar Panels Really Save Me Money?

Do Solar Panels Really Save Me Money?adminMon, 09/06/2021 – 8:00am
Do Solar Panels Really Save Me Money?

While you may have heard that solar panels can lower your monthly electric bill, you may still have doubts that a solar installation could actually save you money. After all, it costs a fair amount to install a solar system for your home, right? Fortunately, even after accounting for installation costs, solar panels are a great way to save.

Why Installation Isn’t As Expensive As You Think

There’s no beating around the bush here: a solar panel installation does cost a fair amount of money. For the average home, solar panel installations could cost well over $10,000. However, both residential and commercial buyers are still able to claim a federal tax credit for these expenses. In 2021, this credit covers 26 percent of the installation costs, helping you save several thousand dollars off your purchase.

Lower Monthly Bills

Of course, your solar panels start to pay for themselves once they start generating electricity for your home or business. While the exact savings will vary based on your previous energy expenses and your solar panel configuration, it isn’t unusual for homeowners to save over $100 a month. This means that your solar panels will typically pay for themselves within 10 years. After that, you can essentially enjoy free electricity!

If you’d like to enjoy savings on your electricity bills with solar energy, contact Sunrise Solar today. Our experienced team can help you determine the type of configuration that will deliver the best results for your property so you can maximize your savings and energy production.