Aug 17 When Will My Solar Panels Pay For Themselves?
Solar panels are a great way for homeowners to save money every month. The solar panels over time will begin to pay for themselves as time passes. Each state has been motivated to have more of their residents and businesses use solar power. A future with 100% clean, renewable energy is extremely ideal. With less carbon emissions we can ensure a longer future for our planet and still be able to find energy sources that save us all money. However, with such a large investment, we all wonder when will my panels pay for themselves? In other words, when will my investment be repaid?
One of the best benefits that comes with your solar energy is the amount that you save on your monthly electricity bills. The average household in New Jersey can spend upwards of $3,000 annually on just their electric bill. With the addition of solar power to your home, you can save 20% on the monthly electric bill. This all adds up to be a difference of $100 or more on your monthly electric bill. With this, New Jersey continues to raise their prices on electricity. Every year the price per kWh goes up 2%. However, with solar energy, you will not face the increasing costs of electricity. Instead, you will pay the steady rate that is given to you by your solar panel company at the time of signing for your panel installation. This rate is based on the amount of panels you have and the amount of energy you use per month. Rather than overpaying for excess energy, solar costs are based on customization to your home.
Depending on which state you reside in, each state has many different incentives for making the switch to solar. In New Jersey, Governor Phil Murphy is a huge supporter of renewable and clean energy. Because of this, he currently is doing everything he can to keep these incentives going. Currently tax credits, tax exemptions, and net metering are all part of New Jersey’s state incentives that come with solar power. All of these incentives give you a way to earn the money that you put into your panels back, and even enough to let them pay for themselves sometimes. To learn more about each of these incentives please visit our Page.
With these two positives of solar, the payout period for your solar panels on average is about 6 years. However, when breaking this down, your panels could essentially be paying for themselves from the very day you have them installed.
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