With all the focus on making eco-conscious and energy-efficient choices nowadays, it’s only natural that homeowners are starting to examine the benefits of installing solar panels. While these panels used to be rare to see on homes, today they are much more common as people across the country embrace all the benefits they have to offer. But why should you consider installing solar panels? And exactly how much money could the panels save you? There is plenty to cover on this topic.
How Solar Panels Work
The concept of solar panels is pretty simple. They work by catching the light particles that are created by the sun. These light particles are called photons. The photons then remove the electrons thanks to the solar cells in the panels and an electric current is created. This current then flows into what’s called the inverter. The inverter feeds directly into your breaker box which then allows the electricity to flow throughout your home. As you can imagine, the more protons you can capture (in other words, the more sun that you have), the more energy you generate.
What Are the Cost Savings?
Here’s where things get exciting. The cost savings that solar panels offer can be quite impactful. You need to factor in a few criteria to figure out how much you will save. Consider your electricity rates, how many hours of direct sunlight the house will get and how big of a house you are trying to provide electricity for.
This leaves a lot of wiggle room as a person in a sunny state will likely see greater savings than a state that gets a lot of rain and cloud coverage. The fact remains that, any way you look at, it there will be cost savings. Of course, when you are factoring in the savings, you still need to consider the cost of installation. Even with that investment, however, you’ll still save a substantial amount of money over the years. It’s best to look at the savings over a long period, such as 20 to 30 years. That’s when the savings become exciting to see.
Take Advantage of Tax Credits
Another way you can save you money is by using existing tax credits. This brings down the cost of the installation, which means your overall energy savings increase. The federal residential solar energy credit is a great example of how you can save money. This is in effect until January 2023 and it allows you to get up to 26% in federal tax credit. This could be something to look into before making the decision, as it will help you to figure out the true savings over time. You can find more information about solar panels and local solar panel installation by checking out sites such as www.solvingsolar.com.
Installing solar panels is one of those win-win situations where you’ll be able to save money on your home energy costs all while doing something that benefits the environment.