The initial cost of installing Solar energy systems is high. But, the system in itself can payback for itself if shop around for best prices, apply for tax incentives and rebates from the government and store the additional energy produced.
According to one report, the usage of Solar energy has increased by more than 20% in the US since the year 1995. With the current available technology, solar power systems are expense to install but they pay back in the long-term. There are many tax incentives and rebates offered by governments that can significantly reduce the initial cost of installation. With the help of these incentives and the development in more economical solar power systems, Solar energy can prove to be an efficient way to minimize a home’s monthly expenses.
Ways to Reduce the Cost
1. Shop Around
Request quotes from several companies that specialize in installing solar panels. When you compare the prices from different companies you get the right information to negotiate with them and get the best possible price. In most cases, the residential power requirements can be met with the fundamental thermal panels. When you are having a large area of idle space, you can consider installation of larger systems to generate additional energy to be stored.
There are some utility companies that can pay you for the Solar energy produced and sold to them. You can also install the panels yourself if you have some technical experience.
2. Tax Incentives
Perform your research with regard to the tax incentives offered by your local, state and federal governments. In some countries, you can get as high as 30% tax credit from the federal government on the overall cost of the Solar energy systems that you have installed in your home. In addition, even the local and state governments can be paying rebates for installing solar power systems in homes. For example, the Illinois Association of Solar Energy is a state body offering reimbursement against solar credits gather by home users.
3. Storage of Energy
Once you have saved on the installation of Solar energy systems and also received solar credits and tax incentives from the governments, another way to save money is to install a storage system for collecting all the surplus power. A battery back-up can be installed for this purpose, and it can keep powering your home when the weather is cloudy or there is no sunshine. Such a storage system can help you to reduce your energy bill or even eliminate it completely. If you live in a sunny area, this can be an optional choice but in areas with long winters, storing energy can certainly save you lots of money.