Insurance Against Rising Power Prices
One thing most homeowners know is that electricity keeps getting more expensive. The price of electricity has increased steadily over the past 10 years, with an average increase of about $0.2 per year. The cost of electricity will continue to rise into the future, meaning your electric bill will continue to go up too. Solar panels protect you from these rising electricity costs. Because you are producing your own energy, you don’t have to buy that expensive power from your utility. So, rising electric costs are a worry of the past! In fact, rising prices might actually be a good thing when you install solar.
For example, let’s say your utility charges 12 cents per kilowatt hour of electricity. That means with net metering, your utility would pay you 12 cents for each excess kWh of electricity your solar panels produce and send to the grid. If your utility raises its electricity price to 13 cents per kilowatt hour of electricity, that means the power you send to the grid would also be worth 13 cents. So, net metering is saving you more money each time your utility raises their prices! |
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Solar Costs Are Cheaper Than Ever!
While electricity prices continue to get more expensive, the cost of solar has continued to fall. Solar is now cheaper than ever; in fact, the cost has fallen over 70% in the past decade. These low prices make solar more accessible to more homeowners than ever before.
Installing solar can be even cheaper when you take advantage of solar incentives. For example, if you install a solar system before the end of 2020, you could be eligible for the 26% federal tax credit.
This tax credit is equal to 26% of the total cost of your solar system and is applied to your income taxes. In addition to the federal tax credit, there are many other solar incentives offered locally.
Installing solar can be even cheaper when you take advantage of solar incentives. For example, if you install a solar system before the end of 2020, you could be eligible for the 26% federal tax credit.
This tax credit is equal to 26% of the total cost of your solar system and is applied to your income taxes. In addition to the federal tax credit, there are many other solar incentives offered locally.