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Electric bills increase, Look into Solar

Many people have recently received a notice from their electric company indicating that the cost of electricity is SIGNIFICANTLY going up at this time. Clearly electric companies are passing on their significant costs or repairs from the most recent storm. I know people that have told me their electric bill has doubled.

Take a look at Solar. Under the correct circumstances, you could have solar panels installed. The outcome could be that you no longer will have an electric bill beyond a nominal monthly hook up fee.

There are Federal and State tax credits (see below) for having solar installed.

Many towns won’t increase your property tax assessment (for 15 years) if you add solar panels.

Many surveys indicate a house with solar panels sells much faster than houses without solar. Buyers are attracted to the prospect of a very low electric bill.

Solar panels will likely increase your home’s value. These are viewed as a home upgrade. People pay a premium for upgrades. Also, again, buyers are attracted to the prospect of a very low electric bill.

Solar panels have come a long way in terms of how they work and efficiency.

You can get CREDIT when your panels soak up the sun and you’re not using all that power. Your electric meter tracks this, and that extra electricity is provided to neighbors. You receive credit for this on your meter which offsets your usage on a cloudy day where there is little sun.

There will be a “return on investment” which is noteworthy. If you spend $35,000 to go solar, and you save $250 per month* on your electric bill, that savings is a 9 percent return on your investment per year. Even if you spend $40,000 and you save $200 per month, that is still a 6% return on your investment. That doesn’t even factor in the Federal and State tax breaks.

*Remember, your electric bill IS GOING TO INCREASE whether you like it or not based on invoices the electric companies are sending out.

Here is a link to the FEDERAL tax credit website:

Here is a link to the STATE tax credit website:

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