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How Much Money Can Homeowners Save by Switching to Solar Energy?

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How Much Money Can Homeowners Save by Switching to Solar Energy?

By Holly Glem | December 28, 2016

If you’re one of the millions of homeowners in the United States looking for a new way to save money on your monthly energy bills, then making the switch to solar energy might be the smartest decision you’ll ever make.

A recent study conducted by the NC Clean Energy Technology Center shows that on average, homeowners living in the 50 largest cities in the U.S. saved between $44 and $187 per month by switching to solar energy. That may not sound like anything to shout about (or does it?), but if you consider how much savings a typical homeowner will see three years, five years, and even 10 years down the road, the numbers become even more intriguing. Even if a homeowner only saved $44 per month, in five years that $44 per month transforms into more than $2,500 in savings.

Solar is as Inexpensive Today as it’s Ever Been

Solar energy was extremely expensive a few years ago, but the price of solar panels has reduced dramatically in recent years. The price has gone down so much, in fact, that it’s now being made available to the average homeowner at a reasonable price.

If you take a look back into history, you’ll learn that 1990 was one of the most expensive time periods for purchasing solar. If you wanted to purchase solar panels in the year 1990 it’d cost more than $90,000. Flash forward to today: The average cost of solar panels is around $30,000. Of course, solar energy is not the same price in every state, so it’s important to speak with a qualified solar representative in your area to find out what cost you should expect to pay as a homeowner.

Extra Savings and Incentives

There is a greater demand for solar energy today, because in general the population of the United States is more concerned about protecting the environment than they were decades ago. Because the federal government, individual states and other organizations also care about keeping the environment clean, many states in the U.S. now offer strong cost incentives and even tax break laws to encourage homeowners to consider switching from grid electricity to solar energy. You may not be aware of it, but there is actually a residential federal tax credit currently in place that allows homeowners to save 30% on their taxes if they decide to purchase solar panels for their homes before December 31, 2021. 

In some states, extra incentives are offered on top of the normal tax credits for switching to solar. In states like New Mexico, homeowners may find themselves eligible to receive utility rebates, expedited permits and even waived fees. If you want to check out what your state can offer in terms of cost incentives, check with a solar representative as soon as possible.

The Blue Raven Solar Advantage

If you’re interested in purchasing solar energy for your home and saving money in the long haul, get a free consultation from one of our representatives and you’ll qualify for $0 DOWN. When you do solar with us, you can be completely confident that you’re protecting the environment, saving money and doing something that will improve the value of your home over time. It’s a no-brainer—start saving today!

Topics:   Learn About Solar, Savings

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