Top 3 Ways to Save With Solar Power
You could save $30,000–$40,000 over the course of 20 years by going solar.
Every day we awaken to the warmth and brightness of the sun. This natural light can be directly transformed into clean energy with the use of solar panels. Each panel consists of solar cells that absorb sunlight and converts it to a natural source of power. Adding this upgrade to your home or business can provide financial benefits and immediately makes a positive impact to our environment. Here are 3 ways you can save by transitioning now.
Get a 30 % Tax Credit on Initial Installation & Costs:
Many people want to live a more sustainable lifestyle by converting their home or business to solar but don’t believe they can afford it. Due to advancements in technology and more availability, owning solar power system is completely attainable. It is predicted that by 2030 most of California will use clean energy as their primary source of power.
The average cost to install a solar power system is as low as $10,000 and high as $25,000 depending on your state, with California being the least expensive and Montana costing the most due to availability of resources and equipment.
The federal law provides up to a 30% rebate on your taxes for qualified systems. For example if you invest $25,000 in a Solar PV system you could get a $7500 (30%) rebate when you file your taxes making your true costs only $17,500.
View details here: http://energy.gov/savings/residential-renewable-energy-tax-credit
Sell Back Your Energy… Free Money!!!
Excess solar energy pushed back into the grid can be sold to local energy suppliers. Here‘s how it works
- Electric suppliers in certain areas are required by the Renewable Portfolio Standard (RPS) to secure a portion of their electricity from solar generators. These states have Solar Renewable Energy Certificate (SREC) programs that allow them to gain these (SRECs) for every megawatt-hour of solar electricity created.
- Check your meter to determine how many megawatts of stored solar energy you have available in your system.
- Sell your SRECs to electricity suppliers needing to meet their solar RPS requirement and get a check in the mail.
Suppliers who do not meet their requirement are subject to a fine or solar alternative compliance payment (SACP) for every SREC they fall short of the requirement. So getting paid for your overage is a sure thing!!!
Participating states include:
This could provide an extra source of income to fund that trip of help you pay for your system. Learn more details or look for programs in your state by clicking the link below. http://www.srectrade.com/background.php.
Eventually Your Energy Will Be Free!
Yes, there are initial costs to purchase the system and install it but you can finance these options over 10, 15 or even 20 years. Here is the worst case scenario, say you purchase the most expesnive system for $25,000 and you make monthly installments over the course of a specified loan period, your payments could look something like this:
10 years= $231 per/mo.
15 years= $138 per/mo.
20 years= $104 per/mo.
*Plus add a few dollars for interest of course and the savings is obvious.
All are still much less than the average fluctuating energy cost you get from your local power company. In more expensive areas energy costs can reach as high as $500-$600 for a single family home in the winter time. If you do the math, this investment makes sense.
Either way you can’t keep the money! You will make installments to your energy company every month for the rest of your life or you can investment in your own solar power energy system which allows you to save money every month and eventually get your energy for free when the system is paid off.
Learn more at livegreenbean.com