For many of us, opening our monthly electric bills can be a little bit, well, shocking.
It makes sense – utility companies can dictate how much you pay for your electricity, and studies have shown that on average, utility prices rise by five percent each year. To break that down even more, say you buy a home and your monthly electric bill is about $100 per month. As energy costs rise, that same bill will run you $225 a month in 25 years. Definitely a bit of a jolt!
This is a key reason why many people are considering making the move to solar energy, according to Joey Wildes, a solar power consultant at St. Petersburg-based BYOSolar. By converting to solar, you’ll be protected against rising energy costs and you’ll be able to lock in your rate without the risk of inflation. In other words, you won’t be in for a surprise every time you get your electric bill.
While the overall investment may seem high initially, both commercial and residential customers can see significant savings over time whether they choose to purchase their solar system outright or finance it. And this doesn’t even factor in the investment tax credit – also known as the federal solar tax credit – which allows you to deduct 26 percent of the total cost of the solar system. Those savings will eventually offset the cost of going solar, and on average, customers break even on their investment in under eight years.
Additionally, there are benefits in converting to solar when it comes time to sell your home. Studies have shown that homes with a solar system sell faster and have higher property values, and demand for solar-powered homes is only expected to increase in the future.
“As the solar industry becomes more widespread, people in turn will be more educated on solar panels and most homebuyers will find that solar panels are indeed a selling point,” Wildes said.
Finally and perhaps most importantly in the long run, solar energy is a renewable resource that will continue to generate electricity as long as the sun is shining. This means thousands of trees will be saved and tons of harmful CO2 waste can be eliminated as a result.
As Wildes sees it, converting to solar is a win for commercial industries, homeowners and the environment, and he’s excited to get more people on board.
“I have a genuine desire to help homeowners save money while providing them with peace of mind in knowing they are helping to conserve our planet’s resources every day,” he said.
BYOSolar provides several financing options. Homeowners have the option to lease their system, obtain long-term financing or maximize their savings by paying upfront for additional discounts. To learn which option works best for you and identify how much you can save, visit www.byosolar.com or call 877-296-7652 for a free quote.