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How Does Solar Energy Lower Cost of Living?

How Does Solar Energy Lower Cost of Living?
Written by Purva Jagtap

There was a time when the idea of solar energy was a noble, but expensive alternative to that of using traditional fossil fuels. 

Today, however, things have changed a little bit. The reality of installing solar panels allows a lower cost of living and a more sustainable approach to life. We’re going to take a look at how solar power lowers your expenses and saves you money. 

Let’s take a look at solar power savings. 

How Solar Panels Create a Lower Cost of Living

So, how much do solar panels save?

The first thing that springs to mind is probably the investment of installing the panels in the first place. 

There’s no hiding the fact that it takes a little bit of money to get the panels in place. Depending on the size of your house, the installation could be anywhere from a few hundred, to a few thousand dollars. 

On the other side of things, you can generate enough power to offset the entire cost of your yearly power bill. Again, the size of your house and the quality of your panels determines those savings. 

In any case, though, the investment of installation will pay for itself in a matter of time. After the investment pays for itself, you’ll simply be living with free and limitless energy. 

The only costs that come after will be those of maintenance and upgrades to your system. So, on a basic level, solar panels save you a good deal of money simply by offsetting other energy costs. 

Incentives and Tax Breaks

Many states offer a set of great tax incentives for people who install solar panels. 

In a lot of cases, you can receive more than 20% of the cost of installation in the form of a tax credit. Writing off that value from your federal taxes speeds up the time it takes for the installation investment to recoup. 

It’s smart to act quickly, though, because some states are removing that tax credit for installations made after 2022. 

Beyond that, many counties have unique property tax exemptions for people who use solar energy. The specifications of those write-offs depend on the county, the size of your home, and the amount of energy you produce. 

There’s a chance that your county doesn’t offer any write-offs as well. 

Further, Virginia is requiring all utility companies to work with renewable energy by the year 2045. That push is an aggressive one, and there’s a chance that a lot of companies won’t be able to meet those goals. 

The shift will be gradual, and companies will soon be expected to offset their production with solar or renewable energy. Individuals who produce more than they need with solar panels can receive what’s called a renewable energy credit

These credits can be sold to companies that need additional energy to meet the legal standards set forth by the state. That means you can sell your energy to companies that aren’t doing their part. Some estimates claim that the credits will be worth more than $400. 

Want to Learn More about Renewable Energy?

Finding ways to achieve a lower cost of living through renewable energy is exciting. Most methods of generating solar energy are affordable, sustainable, and offer a number of ways to save money. 

Getting started can be a little tricky, though. We’re here to help you move forward. Explore our site for more ideas on solar energy, sustainability, and more. 

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Purva Jagtap

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