As electricity costs continue to rise across the country, people have been turning to solar energy to pay less on their monthly electricity bill. When purchasing solar panels, the initial cost to install them on your home may seem expensive. However there are new Government incentives at both the Federal and State level that can provide $1,000’s of dollars in upfront funding for people living in certain zip codes.
Ways to Save Money With Solar
The Federal Residential Renewable Energy Tax Credit is designed to allow every American the ability to install solar panels on their home at a much lower cost. A taxpayer may claim a credit of 30% for the total cost of:
- Solar PV Panels and Cells.
- System equipment, including piping or wiring to interconnect a system to the home as well as inverters and mounting equipment for the solar panels.
- Labor for a system’s on-site preparation and installation cost, including developer fees, inspection costs and permitting fees.
- Sales tax on eligible expenses
Solar Renewable Energy Credits (SRECs) enable homeowners to sell excess electricity captured by solar panels back to their utility company. Thousands of dollars can be generated this way, which can be used to offset the initial cost of installing solar panels.
Production Bonus Programs exist in some states and give utility companies the ability to offer money for every kilowatt (kWh) of solar energy produced by your home. These payments can applied to your monthly utility bill, thus greatly reducing the amount of money that comes out of your pocket to power your home. Is lowering your monthly electricity bill by more than $150/month something you are interested in?
Of course it is! Unfortunately, these incentive programs for solar energy won’t last forever, meaning you need to act quickly to take advantage of them.
The Rising Costs of Electricity
Everyone dreads the arrival of their electric bill, especially if you have a large family or property. In fact, your electric bill is probably one of the biggest expenses you have to pay each month (aside from your rent or mortgage) and it keeps getting higher. No matter how many LED light bulbs you install, or how strictly you regulate your thermostat, your bills don’t seem to budge, right?
You’re not alone. The average U.S. electricity bill can range anywhere from $200 to over $400 every month. This means in just one year, you’re probably spending between $2,400 and $4,800 just on electricity.
If you live in the United States and are wanting to pay less for electricity, we encourage you to see if you qualify for these programs. Answer a few straightforward questions and Modernize will determine if you are able to qualify. There is absolutely no obligation to purchase, we will not ask you to provide any payment information and the process takes less than a minute to complete.