Saving Money with Solar

Purchasing solar panels for your home can be a significant, but valuable investment. While costs vary depending on the size of your home and your power needs, there are some clear financial benefits that are consistent for all homeowners.

Energy Bill Savings

With the installation of solar panels, you immediately will be purchasing less energy from the local utility. Each kilowatt hour that your system generates is money in your pocket. For example, an 8.5 kilowatt solar array typically generates around 10,748 kilowatt hours (kWh) each year. That can add up to more than $1,200 savings in a single year. As energy rates continue to rise, the savings only increases.

Federal Tax Credit

The federal government is still offering tax incentives on the purchase of home solar systems. The current tax credit is equal to 26% of the cost of a system installed by December 31, 2020.

State Tax Credit

The Residential Arizona Solar Tax Credit also offers savings – 25 percent of the cost of your solar panels, up to $1,000. This credit is taken directly off your personal income tax in the year you install the system.

Home Value

On average, solar panels raise a home’s value by around four percent. That can be a significant boost if you’re considering selling your home in the future. While the payoff based on the median home price is significant, it’s not likely to immediately offset the purchase and installation cost of solar panels completely. So, it makes sense to consider how long you plan to be in your home prior to installing panels. In other words, timing matters.

Want to learn more about the specific value you can gain from solar? Call the experts at Cool Blew Solar today. We’ll be happy to answer your questions and provide you with a detailed quote to determine if solar is right for you.

FAQ's

Is Solar Energy Expensive?

The size of your panel installation and the needs of your home will affect your costs. The average net cost of a 5.69kW system is $13,838 cash after 30% rebate (according to solar-estimate.org). An average-sized system can cost up to $35,000. Larger installations will require more hardware, planning and construction time. This can further increase costs. While solar panels are expensive, they have many distinct benefits. Cool Blew Electric & Solar’s experts can assess your situation and goals and recommend a cost-effective system to meet your needs.

How Much Can I Save By Installing Solar Panels?

An average-sized system (5 kilowatts) can reduce up to 50% of your monthly electricity bill. A 5.69kW system would offset 100% of your energy usage if your typical monthly bill is $138. Over a period of 20 years, these savings can add up to $30,000, based on your location and energy usage.

How Long Would It Take to Recoup My Solar Investment by Solar Energy Savings?

With a 5.69kW Solar system you would recoup your savings in 7 years and 2 months but with continuous Utility increases every year your Return and Investment will be much sooner.

What is a Solar Lease Program?

The Solar Lease Program has been one the most popular option that homeowners have chosen over the years. Solar Lease programs gives homeowners the opportunity to take advantage and put Solar on their homes and a guaranteed savings from their Utility for little to no money out of pocket. Most Leases are 20 year power guarantee from the solar provider and includes fixed monthly payments, no repair cost, fully insured and warrantied for the life of the system.

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