Will solar save money on my electric bill?
Aha! The question we’ve all been thinking about! Will solar save money on my electric bill? We’ll definitely address this question and hopefully clear up any misconceptions that you might have. But first, let’s briefly dive into how solar works so you understand the functionality of having a solar system installed on your home.
Most of us know that installing solar on our homes has a number of amazing benefits. For starters, when we use solar energy, we utilize natural sunlight that is harnessed into energy and then converted into power for your home. The panels installed on your roof convert sunlight into DC electricity. Each panel has an inverter that converts DC electricity into AC electricity. That power comes into the house and goes into all of your outlets and switches. After installing solar on your home, you can expect to spend very little time on maintenance since for the most part, a solar system is maintenance-free. You can literally just sit back, monitor your power usage on your in-home app, and finally have more control over how you generate power in your home!
Now that we’ve gotten that out of the way, let’s talk about the opportunity to save money on your electric bill! If you produce more power than what you use, net metering happens. Net Metering is a system in which solar panels are connected to a public-utility power grid and surplus power is transferred onto the grid, allowing customers to offset the cost of power drawn from the utility. Every month, your utility provider evaluates how much power you’ve used, and if you’ve used less power than what you produce, your electric bill will be reconciled at the end of each month and credits will be generated.
In addition to this, there are several incentives that you may qualify for when you install solar on your home. The Investment Tax Credit (ITC) is a great federal incentive program that gives homeowners an opportunity to get up to 26% back from the total system cost. There is also the Solar Renewable Energy Credit (SREC) which can cover between 25 to 35% of the system cost (properties with great sun get the highest benefit). Overall, you may qualify for up to 60% back in state and federal credits in addition to potential credits received from the net metering program. As you can see, going solar may be very beneficial if your home or business gets a good amount of sun. Now is the perfect time to do it since our credits are currently at their highest peak! Join the solar revolution and take back the control in how you power your home!
Contact us at (773) 710-7091 to schedule a complimentary virtual or SAFE in-home consultation to see if solar is right for you!