According to a study in the Edison Electric Institute, energy prices went up 2.5% annually from 2000 to 2006, (so they overcome inflation, which was computed to be raising 1.99% yearly in that period) and are following a steady up trend. That increasing cost is being driven in part by the rising price of fuels, including coal and natural gas.
As these lines continue to go up, so will your electricity bill. That means making an investment in solar panels likely to pay for itself in a shorter time period.
In addition to that, you will find the tax credits. In a bid to encourage homeowners to go green, the U.S. government has provided significant tax credits for installing solar panels instead of energy source. Even though a tax break that enabled renewable energy businesses to recover 30 percent of a new job back as a money grant following building expired this season, a residential national tax credit of 30 percent will stay set up until December 31st of 2016.
Added credits vary state by state, but if you live in a sunny country with a high solar evaluation–a measurement of the average solar power available for your home–like Arizona, California, or New Mexico, you may find extra incentives like cash back, waived fees, and expedited permits.<.p>
Solar panels don’t come cheap: with setup, they could cost around $5 per watt, or $15,000 for an average residential 3kW system. While the system itself is a significant initial investment, it’s immediate monetary and environmental benefits.
The normal U.S. household consumes about 1 kW per hour of power, or 900 kWh per month. By way of example, an energy efficient refrigerator will use about 350 kWh annually (in a mean utility cost of $0.12/kg, that’s less than $50 annually), while a massive plasma screen TV may utilize up to 700 kWh annually (roughly $100/yr).
But those Prices are Not expected to stay Constant–remember that electricity prices are on the increase, and your usage of power likely is, too.
If you set up a 3kW system, you can approximate that, based on an moderate amount of sunlight, the system would create 450 kWh a month–about half of your monthly electrical bill. Estimating that bill at $100, your first investment will save you about $50 per month for the life span of your solar panel method.
If you reside in a state with a proper solar rating and will afford the initial investment, it’s well worth installing solar panels in your home while the 30% tax break is set up–for the benefit of the environment, but also for the wallet. You are able to approximate the solar rating and potency of a solar energy system in your hometown by simply inputting your zip code, your utility provider, and the cost of your monthly energy bill.
Should you decide to install solar panels, keep a look out for additional government incentives. A couple of states, such as Oregon and California, let homeowners using large solar panels to essentially sell excess power to their local power companies through “feed from tariffs,” leading to residential income of hundreds of dollars annually. These systems are limited and fill up quickly, but as solar energy continues to grow in popularity across the United States, taxpayers and lawmakers are pushing to expand the program. Keep in mind, however, that as alternative energy grows more popular the costs will continue to fall–don’t invest in solar energy panels together with the anticipation you will recoup the expenditure in the resale value of your property.