When installing solar panels for homes, the federal government currently provides tax credits to offset your installation costs. These credits effectively lower equipment and labor costs, so your system pays for itself sooner, with a shorter payback period.
Obviously, your solar panels will produce a portion, if not all, of the electricity you need each month. For every unit your system produces, it is one less that you have to purchase from a utility provider. With solar panels for homes producing a significant portion of the power consumed by a home each month, your utility bills will be much lower, if not zero.
Depending on the arrangement with your utility provider, you may be able to sell back the excess electricity produced by your home’s solar panels. This can happen when your system produces more energy than you need each month. Selling back your excess electricity can earn you a credit on your next utility bill.
Residential and commercial solar installations in New Jersey and Pennsylvania produce Solar Renewable Energy Certificates (SRECs). Renewable Energy Credits (RECs) are energy commodities that represent proof that 1 megawatt-hour (MWh) or 1,000 kilowatt-hours (kWh) of electricity was generated from an eligible renewable energy resource (renewable electricity). In conjunction with state and federal incentives, solar system owners can recover their investment in solar by selling their SRECs through spot market sales or long-term sales.
So you see, solar panels for your home can really help you save money, and in some cases, make money. Use your solar panels to your advantage to lower your utility bills, and provide cheaper, more efficient power for your home. Contact Smith Sustainable Design to learn more about solar panels for homes and all the advantages they provide.