Solar Power: Energy and Money from the Sun
Installing solar panels for your home will cost virtually nothing while earning you thousands of dollars. Here’s how-
Environmentalists are advocating for green energy sources, stating that it is an investment in the future. However, investing in solar power brings you more tangible benefits — one that can be seen in dollars.
A Solar Power System for Your Home
Investing in solar power doesn’t necessarily mean investing in solar companies or availing of solar farm subscriptions. These types of investments carry risks or have horrible returns on investments. A surer way to invest in solar power is installing solar panels on your home. Sunny states like Arizona and Nevada or elevated states like Utah and Colorado are some of the best places for residential solar power. A 6-kW solar power system can provide enough electricity for your household, producing enough excess energy output to make up for your nighttime use. A 6-kW system can cost you around $14,000-$20,000 but the 30 percent federal tax reductions can bring it down to $10,000-$16,000. Reduce the price by your own state’s green incentives and use a proper 5-year or 10-year financing plan, and you can be paying around $200-$250 a month for your panels while reducing your electricity bill to zero.
Tracking Your ROI
While solar panels can be considered a big investment, proper financing makes them virtually free while giving you remarkable returns. Payments for financing for your solar panels can cost you a mere $200-$300 on a 5-year term or even less on a 10-year term. Since you already pay $200-$250 on your electricity bills, once those bills go down to zero, you’ll just be using the money you usually pay for your electricity to pay for your solar financing plan. You might need to pay a few extra dollars on a 5-year plan, but you’ll even save a few bucks if you can get a 10-year financing plan. Once your payments are done, you’ll be earning (in the form of savings on your electrical bill) around $200 a month for the next 15 or 20 years; that’s a total of $36,000 on a 10-year plan and $48,000 on a 5-year plan.
Increasing Your Profits
While you can’t presently earn money on net metering or from excess electricity your panels, you can maximize your profits by using an electric vehicle (EV). An EV can eliminate your expenses on gas, which is around $350 a month for the average household. These vehicles have come a long way from the old electric cars as modern electric cars outperform regular cars in almost every aspect of driving. Of course, these vehicles draw significant amounts of electricity at night so you’ll be drawing power from the grid. However, you can offset this cost by reducing your overall electricity consumption. Switch to energy-efficient appliances and update your home’s insulation. These two measures can vastly reduce your electrical consumption allowing your panels to send more electricity into the grid during the day.
Solar energy is a sure thing, assuming you invest in solar panels for your home. It’s an investment that is virtually free but rewards you with tens of thousands of dollars.
Leave a Reply