Did you know in 2022 there was a 2.8% in the number of solar panel installations for businesses?
The monthly cost of solar panels is based on a few different factors: government incentives, where you live, and your electric needs. Reducing your monthly electric bill and tax credits are just two reasons to invest in a solar system for your residence or business building.
Keep reading to learn how to save money with solar.
Businesses
If your business building has an electric bill between $600 and $1,200 you can expect the costs of solar to be from $130,000 to $235,000 on installing solar panels. This amount doesn’t include incentives from the government.
This may seem like a big upfront expense however you will more than likely save $150,000 to $350,000 over 30 years. As a business or a farm, it will be beneficial to research grants that may provide you with financial support.
Residential
Over the span of 30 years, you will save anywhere from $7,000 to $30,000 by installing solar panels. When calculating the monthly cost of solar panels you’ll need to first evaluate your electric bill.
Then based on how many watts you use you’ll decide how large, how many, and what quality panels you’ll need. The watts should be listed on your electric bill and it’s usually around $4 per watt. As a general rule, the higher your bill the more you’ll save with solar panels.
Government Incentives
If you want to install solar panels the government will give you 26% of the cost as a tax credit until the end of 2022. In 2023 the incentive drops down to 22%.
The invention for residence will be completely gone by 2024 and businesses will only receive a 10% tax credit. The best way to save money on solar is to take advantage of the invention while it last.
Where You Live
Your location plays a big role when it comes to solar panels. The more sunlight your panels get the better. Consider the way your home is angled and how much shade it receives.
If you don’t live in a climate that is sunny most of the time like California or Florida, don’t worry. Here’s how to save money with solar even if you live in a predominantly cloudy climate.
The panels will still collect sunlight and turn it into the energy it just won’t be as fast or as much. The best solution is to expand your solar system. Adding a few more panels will allow you to receive the energy you are missing from the heavy cloud coverage.
Any type of shade on the panels will reduce its effectiveness. Look to see if any trees or neighboring houses will obstruct the sunlight. If you aren’t sure if solar panels will work for your home, get a savings estimate.
Monthly Cost of Solar Panels
As the incentive deadline approaches you’ll want to get started soon. As you can see the monthly cost of solar panels is dependent on a lot of factors. But waiting to purchase your solar system will cost you significantly.
As the incentive deadline approaches so does your chance to save big. If you found this article helpful, check out our page for more tips and advice.