The average cost of solar panels has dropped by more than 70 percent in the last ten years. When you add in the financial incentives, it makes going solar a no-brainer.- Affordable Solar
Are you looking for affordable solar options? Here’s how you can make your solar installation work within a limited budget.
Reduce Your Monthly Cost
Solar panel affordability is improved if you live in an area with high utility costs. As soon as you install your solar panels, you’ll begin to save money. Your system will generate power from the sun, reducing your utility bills.
Finance Your Solar Installation
When you decide to go solar, there are several financing options to consider. You can borrow the money by accessing solar programs in your area, and lenders may offer reduced rates for the loan. Reduced utility bills will offset your monthly payments.
Other options include leasing your equipment or entering into a power purchase agreement (PPA). Some companies offer attractive lease-to-purchase agreements.
They combine ownership advantages with the benefits of third-party solar lease agreements. Read more here to discover an excellent financing product offered by a reputable solar energy company.
Solar Renewable Energy Credits
Some states have a solar renewable energy credit (SREC) market. These states have committed to meet a renewable portfolio standard, and your credits are part of how they meet their goal.
You receive a credit for every thousand-kilowatt hour you produce, and you can sell these credits on the market. This incentive is another way to offset your costs.
Does Your Utility Offer Net Metering?
Net metering is a billing arrangement that your utility company may offer. They will charge you for the net amount of energy you use each month. If you generate more than you use, you can send that electricity into the grid.
The utility will give you credit for that excess solar power. Your credits will accumulate over time, and you can use them when you don’t generate enough energy to cover your use.
Solar Energy Incentives Add Up
Most states offer tax breaks and incentives to offset some equipment and installation costs. Your utility company may also offer more support.
When you buy a solar energy system, you can access the federal Solar Investment Tax Credit or ITC. A credit of 26 percent is available for systems installed in 2022.
When you install affordable solar panels, the value of your home increases, which can cause your property taxes to rise. Some states have exempted the value of your solar installation from property taxes.
Affordable Solar Solutions Are Available
Now that you understand how affordable solar options work, you can go ahead and make your decision. It’s important to weigh the costs against future savings.
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