The average family in the United States spends over $1,800 on electricity each year. When you factor in the added expense of home heating and cooling, this cost may rise by another thousand dollars in annual spending. What’s more, energy prices have been on the rise over the last decade, increasing roughly 2.2% each year. That is why more homeowners are exploring the financial advantages of solar panels. If you’re interested in installing solar panels from Vision Solar, your initial investment could yield significant savings over time.
As long as you choose solar panels that will yield the highest efficiency for your home size, location, and energy needs, you’ll immediately notice a difference in your monthly utility bills. With solar panels available that produce both heat and electricity, Vision Solar will help you choose the right options to cover 100% of your energy needs.
In addition, your solar panel savings will continue for decades to come over the course of your system’s lifespan. That’s because garnering energy from the sun protects you against utility rate inflation, meaning your costs will no longer vary due to the constant upward trend in utility prices. In New Jersey, for example, the average 20-year solar panel savings equates to $19,655. Compared to the average cost of electricity, homeowners may find they’re paying next to nothing for utilities year after year.
In addition to savings on your family’s energy costs, you can also take advantage of the Federal Residential Renewable Tax Credit. If you install in 2020, you can claim the credit at a rate of 26%, and will fall to 22% until December 31, 2021, when the government program will expire.
Additional incentives are also available on a state-by-state basis, including cash-back programs, waived fees, property tax exemptions, and more. In fact, there are currently 57 incentives available in New Jersey, as well as 68 exemptions for residents of Pennsylvania. You can consult the Database of State Incentives for Renewables and Efficiency to determine eligibility for homeowners in your area.
If you’ll be connecting your system to your utility company’s grid, you’re in for even greater solar panel savings. That’s because the energy from the sun generally yields more power than you’ll be able to use on a daily basis, and that excess energy can be stored in your grid for use elsewhere. This is called net metering, which offers utility bill credits for generated power stored in the grid. These credits are also available to power your home at night, during rainy days, and other times when the sun isn’t shining.
With so many benefits in mind, it’s easy to see why purchasing a solar panel system is a wise financial investment for homeowners in New Jersey, Pennsylvania, and beyond. For more information you can contact Vision Solar today. We will provide a free quote and perform a comprehensive assessment to determine which solar system is best suited to your needs, so you can begin taking advantage of all these great solar savings.