Whether you are thinking of building a new house or you are just tired of paying the electric bill in your current home, going solar can be a great way to save on energy costs. Here are some of the ways a homeowner saves money when going solar.

Save Money on Electric Bills

Nearly everybody pays a monthly electric bill. If you are on an equal pay type of plan, you know the average monthly cost for using that energy. If you are on a month-to-month type of bill, you can add up the past 12 months’ worth of bills and take the average. It all adds up! If you could save on this monthly cost, wouldn’t that help your overall budget?

When you go solar, you can decide what percentage of your energy you want to cover with the solar system you install. Some people go with an expected 100% coverage plan, while others don’t have enough roof or don’t have the money for a full initial outlay. However, even if you go at a 70% coverage rate, you’ll drastically reduce the amount you pay to the electric company each month.

Get a Tax Credit

The federal government offers an investment tax credit to homeowners who go solar. You will want to check out the solar ITC New Jersey to help you figure out the actual cost of solar in your area. You may have other state or local incentives that help bring down the overall cost to purchase and install the panels.

Lock in Electricity Prices

When you go solar, you work with your electric company to get the right kind of meters installed. They also set a specific rate that you will pay to buy any electricity that you need over and above what your system is producing. Locking in the rate when you get solar energy can save you over the long run because utility rates continue to increase each year.

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Get a Great ROI

Even if you feel the price of the panels and installation is steep, do the math. Figure the cost of your electricity over the course of seven years or so and it will likely equate to the same amount you will pay for your system. However, once you have paid off your system, your power is practically free! Solar energy systems are often guaranteed for 25 years or more, so you can see that you will save money in the long run.

If you want to save money on your electricity costs, you should consider going solar.