Solar Pannels

Can Solar Panels Save Me Money?

It’s widely understood that solar panels help the environment by using energy from the sun. The sun is a clean, renewable energy source, after all. But, fewer people may realize that solar panels provide financial benefits for homeowners across the country. 

Solar panels are an investment for Charlottesville homeowners. With a solar panel system installed for your home, you can eventually become energy independent and stop having to pay utility bills each month. But, how exactly do energy savings from solar panels work? Let’s break it down. 

The Federal Solar Tax Credit

One of the ways that a solar panel system can save you money is the federal solar tax credit. This tax credit gives you a significant deduction from your federal taxes just by owning solar panels. With the current federal solar tax credit, you can deduct well over 20% of the cost of solar panel installation from your taxes, which can largely lower the financial burden of your yearly taxes. Most homeowners enjoy thousands of dollars of tax savings with this deduction for solar panels. 

Anyone who owns a solar panel system in the United States is eligible for the federal solar tax credit. In the case that you don’t owe enough taxes to claim the full value of the tax credit, you can save the remaining credits and roll them over to future years, so long as the tax credit is still applicable at that time. 

The federal solar tax credit is an excellent financial bonus available for solar panel system owners. But, it’s not the main way that you can save money with solar panels. The money that you’ll save on your utility bills over time is the more significant financial benefit of owning solar panels.

Energy Savings with Solar Panels

Your energy savings with solar panels can total thousands upon thousands of dollars over time. Right after the installation of your solar panel system, you’ll see that your utility bills are lower. This is because your home will immediately start using energy from the sun to cover some of your energy usage. You’ll immediately be using less energy from the major utility company. 

As your home solar system captures more energy from the sun, you’ll enjoy greater energy savings. The solar system can store excess energy from the sun for your use at night or during cloudy days, when it receives minimal sunlight. The more energy that your solar panels store, the closer that you’ll get to full energy independence. 

As the owner of a solar panel system, you have the potential to become an energy producer. If you use more energy than your home uses, you can start getting money back from your utility company.

Boost Your Home’s Value

Solar panels will immediately boost the resale value of your home. This will offer you a sizable financial bonus if you choose to sell your home in the future. 

Avoid Fluctuating Utility Costs

Utility costs from the major energy companies can rise over time. Energy costs can also vary by region, with homeowners across the country paying different rates for the same amount of energy. By installing solar panels, however, you can protect yourself against fluctuating energy costs. As an energy independent home, you’ll avoid having to pay for the energy that you use altogether. 

The Cost of Solar Panel Installation

It’s true that a solar panel system can be expensive to install. But, you’ll get back the installation cost over time as your solar panels capture energy from the sun for your own use.

In up to around 8 to 15 years, your solar panel system will have paid for itself. Many solar panels will make up the cost of installation in less than 15 years – it simply depends on how much sun your home receives, and how much the panels cost in the first place. 

Solar Panel Services in Charlottesville

At EcoSave Solar, we take pride in providing the highest quality installation for solar panels in Charlottesville and beyond. We offer cost-efficient solar panel systems that will give your home the potential for energy independence. Contact us today to learn more about our trusted residential solar panel services.

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