How You Can Save Money with Solar Energy


Take a look at your recent electricity bills to determine the average amount of energy per month the household consumes. From there, decide how much direct energy from the sunlight you want to utilize per month. On average, contractors sell about $6-9 per watt of solar energy. If you are looking to entirely shift to solar energy, you need to invest approximately $30,000 to $70,000 that covers the cost of installation, panels, inverter box, wiring, etc. The actual cost will vary with the kind of panels purchased, the size of your house, and the geographic location of your house.

In the US, the Federal solar tax incentive is 30 percent of the total cost of installation. For example, if the total cost of your residential panel installation is $30,000 and the tax incentive is 30 percent, you will save $9,000. Therefore, the cost of installation is reduced to $21,000. Federal solar tax credits are also available. This is a dollar for dollar reduction in the government taxes you owed. So if the 30 percent of your tax credit amounts to $9,000, you get to enjoy $9,000 off the taxes you owe. Taking all the incentives, rebates and assistance, your investment could be recouped in a short period of time following panel installation.