Availing panel system is an investment. They are expensive, especially if they are paid in cash. That’s why most people have doubts when deciding to get one. Since it is an investment, there should always be an ROI (return on investment). The way solar owners can get their money back when they purchase a solar panel system is by return on investment through lower electric bills.
Ways to Getting ROI
Incentives
When purchasing a solar panel system, you can get incentives such as rebates, federal solar tax credits. From the incentives alone, you can get a big cut from your purchase. In the federal solar tax credit alone, you can get a %26 credit. So, if your solar panel system costs $18,000, then you can get $4,680. Solar tax credits will be credited to your tax liabilities at the end of the year. This can help you to pay for your tax and the good thing is, if it is higher than your liabilities, then it will be edited on your next year’s tax. The solar tax credit alone can help you get your ROI immediately. Since ROI for solar panel installation can be within 5 to 7 years from the purchase.
Reduce Electricity Bills
Electricity bills are one of the expenses that people cannot get out of the list. Once you get your solar panel installed, you can reduce your electricity bills by up to 80%. It is wise to know your energy consumption, so you can have an idea of how much you have saved from shifting to solar energy. Solar calculators are available online. You can use them to accurately get the exact computation. This is how the implicit return of energy efficiency investments works. You may not get the cash on hand, but with all the savings you can save throughout the years of using solar energy, it can equal the amount of your solar panel system. By simply comparing your bills when you have no solar panel time you have it installed, it can make you realize how many dollars you saved.
Be Aware of Your Energy Consumption
Most clients are to shift to appliances that are energy-efficient before having a solar panel system installed. This can help them make a list of how much energy each appliance consumes. They can also recommend devices that can monitor the energy usage of your home and, once you decide to get a solar panel installation, they can attach a system monitoring, so you can check on the energy used by your household. By having a system, you will be able to compare how much you have saved and how much dollars are stripped off from your bills. In this way, you can equate it to the investment you put into purchasing your solar panel system.
How Much Money Can You Save By Being Energy-Efficient?
The estimation given by the U.S. Department of energy; you can save 25% from bills on an annual basis. Creating a more energy-efficient home can help you save more and here are some ways:
- Change your light bulbs to LED ones.
- Checking air leaks so your aircon’s function can be maximized. Check on your windows for air escaping even if they are closed.
- Use energy-efficient appliances. When shopping, check on appliances with an energy star certificate. This means the appliances are energy-efficient and can help you to save energy usage instead of using ordinary appliances.
How Do You Calculate Energy Saving?
To have more accurate devices can be used. You can ask for recommendations from your solar provider, so you can get a good one and a legit one. Being able to know how much you save can make you more motivated to create a more energy-efficient home.
Knowing how return on investment through electric bills will make you understand why solar panel installation is a good investment. It will not only reduce your bills but also give you more benefits, such as having a more environmentally friendly source of energy as well as fewer worries about skyrocketing electricity every month. Start checking on your energy usage now and record them so you can see the difference.