Are you considering adding solar panels to your NJ or PA home? You are likely wondering how much you will save on your energy costs each month after a solar panel installation.
While these costs can vary, all homeowners see an improvement in their energy bills while continuing their average usage. This article will cover how much you can save with solar panels.
Offsetting Electricity Usage
Solar panels immediately save you money by offsetting your energy consumption. In New Jersey and Pennsylvania, this is crucial as these states have electricity costs that are higher than the national average.
As the energy costs rise, every kilowatt your solar panels produce is one that you don't need to buy from the utility company. If you are looking to cut energy costs quickly, a solar panel installation is an impactful solution.
Federal and State Incentives in NJ & PA
New Jersey and Pennsylvania both have solar incentive programs for homeowners. In New Jersey, the Successor Solar Initiative program gives homeowners guaranteed payments over a 15-year period for solar energy generation.
In Pennsylvania, the Solar Energy Renewable Credits program allows you to earn credits for every 1,000 kWh your system produces. You can sell these credits to the utility company, resulting in hundreds or thousands in savings each year.
Additionally, the federal government offers clean energy credit programs for new solar installations. You can use 30% of the total cost of your solar panel system as a credit for your federal income taxes. This incentive program helps you to lower the overall investment cost of a solar panel system.
Short Payback Periods
With the state incentive programs and high electricity prices, you can enjoy a short payback period as a NJ or PA homeowner. Residents in this area have an average payback period of 6-10 years, which depends on the system size.
After you have paid off the solar panels, the next years will be practically free and you can enjoy lower electricity bills. Additionally, solar panels also raise a property's resale value if you plan on selling your home in the near future.
Request a Free Solar Panel Installation Estimate
Warner Exteriors & Solar is a professional solar company with decades of experience. If you want to cut energy costs and boost property value, we are the team for the job.
Contact us today to request a free pricing estimate and learn more about our service options. Call to speak with one of our friendly representatives or fill out the online quote form to get started.
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