How Much Can You Really Save By Going Solar?

We all know going solar is one way to help save the planet, but did you know it can also save you a lot of money?

Once you've installed solar panels on your home (which can be done for as little as $0 down), you'll see an immediate decrease in your electric bills. The higher energy costs are in your area, the more savings you'll see. Those monthly savings really add up, too; according to Mental Floss, the average solar customer savings over a 20-year period is $20,000.

Lower & More Predictable Bills

There's a good possibility you'll save even more than $20,000, though. When you rely only on fossil fuels, you're subject to unexpected price hikes and the rising costs of inflation. But when you have a solar panel contract with a company like Horizon Solar Power, southern California’s local leader in solar power energy, you're locked in on a set price for somewhere between 10 and 25 years. That way even if the cost of natural gas and petroleum skyrockets, you'll still be paying the same rate you agreed upon for solar energy.

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$0 Down to Start Saving

Thanks to something called a power purchase agreement (PPA), you can take advantage of lower energy bills immediately without having to purchase any potentially pricey solar equipment.

Horizon Solar Power offers this type of solar leasing agreement, and it's set up so that you only pay for the energy produced by the panels — not the equipment itself. If, though, you see your monthly bills decreasing and decide you want to invest in owning the panels rather than just leasing them, that's totally doable. Common terms of a solar PPA allow you to buy the equipment at a price defined in the contract or at the system's fair market value at any point during the duration of your lease.

Cash In On Rebates Now

If you are planning to purchase solar panels at any point, the time to do it is now — while Uncle Sam is still providing the incentive! The federal government offers a 30 percent tax credit for solar systems placed in service before the end of 2019. That number goes down to a 26 percent rebate for systems installed through 2020 and down to 22 percent for those installed through 2021.

Certain states also provide additional credits or rebates for going solar, but as more consumers continue to make the shift to renewable energy, many of these credits are being phased out.

Consider Another Way You'll Be Seeing Green

If you own your home, going solar can have a "sizable effect" on your home's resale value, according to a study from the U.S. Department of Energy's Lawrence Berkeley National Laboratory. This research shows that homes with solar panels in California have sold for a premium of $3.90 to $6.40 per watt. Using these metrics, the DOE study estimates the average solar home in California enjoys a $17,000 premium. Nationally, this DOE research shows an average premium of about $15,000 for U.S. homes with solar panels installed.

And even if you don't own the solar panels on your own, having them installed and leasing them can still boost your resale value. Under most common terms of a PPA, you can transfer the existing system to a buyer under the same agreement when you sell your home. That means the new homeowners can continue seeing the significantly lower energy bills you did while leasing the solar panels.

Start Saving Right Away

Curious how much you can save by going solar? Horizon Solar Power, southern California’s local leader in solar power energy, offers no cost for panels and free installation, on top of free quotes for prospective customers.

Ready to get some green? See How Much You Can Save With Horizon Solar Power

First photo credit: FuFu Wolf via flickr