Going solar can help save money on energy bills. In addition, there are several state and federal incentives, such as grants and tax credits that can make solar such a great investment. But just how much money can you save? The number might be surprising.
To get an idea of how much savings a solar system provides, visit our solar savings calculator. It takes into consideration factors such as average monthly electricity bill, the state and county of residence, and how much electricity the system produces to give you a general idea of how much you can save and what incentives are available.
As an example, let’s assume that a resident in Howard County, Md., is interested in going solar. The family’s average electricity bill is $150 and they want their solar system to provide 50 percent of their electricity. Supposing that the house is situated in a way that the panels would point due south, this resident could reach $14,181.00 in savings and incentives.
Seem too good to be true? Here is how it breaks down. The family would save $900 annually in utility bills and would produce 5 Solar Renewable Energy Credits a year that can be sold to electric companies who have not met their quota in producing solar energy. The resident would also be eligible for a $2,445.00 state grant and an $11,763 federal tax credit.
Every home is different, and state and federal credits not only vary by location, but are constantly changing. The calculator will give interested consumers an estimate in terms of solar incentives. The best way to figure out how much you can benefit from installing a solar system is to schedule a free, no obligation home solar analysis. One of our experts can provide you all the details on current incentives and a specific solar plan customized for your home.
In Focus: Solar Renewable Energy Credits (SRECs)