How Much Will Solar Panels Really Save You?

How Much Will Solar Panels Really Save You?

There’s no denying that there’s a lot of hype around solar panels. As of September 2017, there were 47.1 gigawatts of total installed solar capacity in the United States alone, enough to power an astonishing 9.1 million homes; a figure that’s only going to grow. But are solar panels actually worth the hype? Let’s take a look.

The Value of Renewable Energy

Much of the energy used in the United States stems from non-renewable energy sources, such as crude oil, natural gas, coal, or uranium. Non-renewable energy will only rise in cost, both for the homeowner and the planet, because it comes from sources that never replenish.

Many homeowners are making the switch to renewable energy sources, such solar power. In fact, 44 percent of homeowners say that they’ve considered installing solar panels. Solar panels can save you a significant chunk of change, an average of $100 per month. That adds up fast!

So what’s holding you back from taking the plunge? For most homeowners, it’s cost. The up-front cost of a 5kW solar energy system is significant, averaging $16,300. Luckily, the government’s here to help you subsidize that cost.

Solar Panel Tax Incentives

Homeowners can deduct 30 percent of the cost of a home solar panel system from their taxes as a credit, a significant savings and just the push that many homeowners need.

However, you should act fast. The 30 percent figure only holds true through 2019. In 2020, the figure drops to 26 percent; in 2021, the figure drops to 22 percent, and after 2021 only commercial owners can receive a tax credit.  There’s no better reason to act now. Your utility bill will thank you, and so will the Earth.

See For Yourself

Want to learn more about the impact of solar power across the United States? Check out this infographic for a complete look at solar panel systems, how they impact the environment, and how you and your sustainable home can benefit from this investment.