Homeowners who install solar panels could see their savings increase over time thanks to net metering laws that require utility companies to pay them for the electricity they produce.
Every time a solar panel produces 1 kilowatt of power an electric meter can measure that production and then spin backward at the same rate saving the homeowner money on their monthly bills.
Net metering programs are now available in 43 states across America, including Arizona, which passed net metering legislation in 2006 that requires regulated utilities to purchase excess generation from customers who have installed an alternate electric energy supply or production facility, usually solar panels.
In addition, the federal government created tax credits for homeowners who install solar panels starting with 30% through 2016 and up to $2,000 at the end of 2020 – a credit equal to 30% of qualified expenditures which can help reduce your annual income taxes.
For example, a homeowner who pays $65,000 for a solar system that produces an annual amount of energy equal to the average home would save over 31% in annual utility costs ($1,988).
The business case for going green is also motivating many companies to install solar panels on their roofs or assign employees to capitalize on tax credits and discount programs from the government. In addition, thanks to internet marketing campaigns and word-of-mouth recommendations from happy customers, more homeowners are choosing to use their rooftops for growing green.
SOLAR PANELS MAKE YOU MONEY
In addition to saving you money each month by reducing your reliance on fossil fuels and providing long-term savings that accrue into the thousands each year, solar panels can make you money.
Just as many homeowners are capitalizing on rising property values by selling their homes for more than they paid, others are choosing to receive payment for the energy their solar panels produce each month instead of paying utility companies.
Net metering laws in 43 states now provide homeowners with opportunities to sell back excess electricity they produce to local utilities, and there’s no reason why that trend cannot grow into an additional revenue stream or retirement plan.
SOLAR PANELS REDUCE COSTS NOW AND LATER
There is so much potential for savings when you invest in solar panels due to decreasing costs of photovoltaic cells combined with growing consumer awareness about the environmental impact of carbon emissions.
According to Solar Energy Industries Association (SEIA), a solar panel manufacturing trade association, the cost of photovoltaic cells has dropped 80% since 2006.
About half of America’s energy output currently comes from fossil fuel sources that emit carbon into the environment and contribute to pollution that can affect our health through smog and greenhouse gases – not to mention that some countries have turned into dictatorships because of their natural resource mines.
According to Energy Information Administration (EIA), an office within the US Department of Energy responsible for providing information about energy to consumers, business leaders, government decision-makers, and researchers – prices for a barrel of oil have risen 1400% in 40 years from 1973 until 2013 with costs going up every year.
Renewable energies allow people options beyond paying more each month for polluting sources of energy.
Solar panels are already making good business sense in homes across America and that investment is only going to grow as time progresses into the future, saving homeowners money every month while reducing reliance on fossil fuel energy sources that contribute to environmental pollution.
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