You’re likely aware of the popularity of renewable energy in today’s world, and there’s a good chance that there are households and businesses in your area that make use of solar panels. Although you might be interested in experiencing the benefits of solar panels, you might fear that it’s out of reach if you’re on a budget. However, even if money’s tight, solar panels might be a great option for you and your family. Here are some of the reasons why.
Solar Panels Can Help You Save
Many people install solar panels because of the environmental benefits, which are notable. However, another primary reason to install solar panels is to save money. Once your system is installed, you can use the sun’s rays to provide much or all of the power that you need for your home.
In most cases, you can sign up for net metering with your electric company. This means that you will still have your local electric company’s service available as a backup option when your solar panels aren’t producing enough energy to power your home. This might be the case on rainy and cloudy days, if your solar panels are partially shaded, or if your household uses more energy than usual.
However, there will likely also be times when your solar panels generate more energy than your household is using. With net metering, this electricity will be sent through your electric company’s power grid and used to power other homes and businesses. Your electric company will give you a credit on your utility bill each month for this. You’ll likely notice that your monthly electric bills are much more affordable beginning the first month that your solar panels are installed, and some months, you may not owe your electric company anything at all.
You Can Tackle the Project in Stages
The idea of paying for enough solar panels to power your entire home might be a bit overwhelming. Luckily, you don’t have to install all of your solar panels at one time. You can start with a smaller system; it may not be enough to power your entire home, but it can instantly help you start saving on your electric bills. Then, you can add on to your system later, as funds allow.
Financing Options Are Available
Many homeowners make use of financing options to pay for their solar panel installations. Ask your installer if their company offers financing or if they work with a bank that can assist you.
There Are Incentives Available
There are options available to you if you’re looking to save money on installation of solar in Arizona. Arizona offers Arizona solar incentives that help to make the purchase of solar panels as inexpensive and affordable as possible for homeowners. Arizona offers both tax incentives and other financial incentives to help make this purchase more affordable. Some of the different incentives available to homeowners in Arizona include:
- Residential Solar and Wind Energy Systems Tax Credit: This is a tax credit that provides 25% of the cost of solar and wind energy systems, up to a maximum of $1,000.
- Solar Hot Water Heater Plumbing Stub Out and Electric Vehicle Charging Station Outlet Credit: You can receive a $75 tax credit for installing any of these energy-efficient systems.
- Solar and Wind Equipment Sales Tax Exemption: 100% of the sales tax on specific equipment for these solar and wind power equipment is exempted from sales tax.
- Energy Equipment Property Tax Exemption: Your property taxes won’t increase if your property value increases due to installing renewable energy systems, such as solar.
As you can see, even if your family is on a budget, solar panels might be a great option for you. If you reach out to a solar company, a professional can come out and give you a consultation and estimate for your solar installation.