Solar energy is more accessible than ever due to the declining cost of solar panel systems. Numerous state and federal policies and incentives encourage homeowners to install solar panels and generate their own electricity. Installing solar panels can cut your home energy costs while reducing your reliance on fossil fuels.
As a homeowner, there are many factors to consider when investing in solar panels. It is important to understand solar energy costs and electricity bill savings before making your decision. Adding solar panels to your home is an investment and energy-saving upgrade that can lower your electricity costs for decades.
- The federal solar tax credit, also known as the Residential Clean Energy Credit, can help you recover 30% of the total cost of a solar energy system. It applies to the solar panels, components, batteries, and labor costs, but you must buy your solar system to qualify.
- The U.S. Department of Energy reports a home’s value can increase by $15,000 after installing rooftop solar panels.
- Net metering programs allow most homeowners to sell excess solar energy back to their utility companies.
You can significantly reduce or even eliminate your electric bills when investing in solar energy. Your exact savings may depend on your electricity rate, home energy use, local climate, solar system capacity, and solar panel efficiency.