Hacks to Save Money on Your Electric Bills
The electric bill is one of the major expenses of every household. People in the United States spend thousands of dollars every year on their electric bills alone. As a matter of fact, the price continues to go up as time passes by. If you are looking for ways to save money on your electric bills, then you should consider installing solar panels.
Installing a solar panel can reduce your electricity cost or can even eliminate it completely. Solar panels is the answer to your expensive electric bill. However, how much you can save primarily depends on your energy consumption and how much energy your solar panel produces. The cost of electric bills varies from one area to another. You tend to save a lot by switching to a solar panel if the electricity rate is higher in your area. But regardless of the cost of electricity, the fact remains that the price of electricity continues to increase as time passes by. Hence, it is a wise idea to install a solar panel because you will be able to enjoy the savings in the years to come. The average lifespan of a solar panel is 25 to 30 years. Just look at it as an investment.
Switching to solar panels takes the stress out of your system. You no longer have to think of unpredictable monthly electric bills because solar panels could yield a fixed electric cost. If you have a fixed income and you are doing your best to manage your monthly expenses, switching to a solar panel can be extremely beneficial for you. Not to mention the fact that you are using a renewable source of energy, which is not only good for the pocket, but also good for the environment.
The payback of solar panels
The cost of installing a solar panel is on the high side. The installation of a solar panel would cost you around $15,000 to $25,000 before tax credit and incentives. However, if you are going to consider the economic and environmental benefits of a solar panel, you will realize that it is money well-spent because as time passes by, you will be able to enjoy the return on investment. With a solar panel installed in your home, you will be able to generate electricity for free.
Fortunately, the government offers significant incentives for homeowners who install solar panels as an alternate energy source. The residential federal tax credit enables taxpayers to claim 30% of the installation expenses for solar panels installed in service by December 31, 2019. Additional incentives are given depending on location. For people who live in an area categorized as high solar ranking, they will be able to receive additional incentives such as property tax exemption, cash back, and the likes.
With the availability of solar panels, it is now time to say goodbye to high electric bills and switch to a renewable source of energy. It is not only good for the pocket, but also good for the environment.