How to Count Your Home Solar Savings in 6 Steps

| 7/21/2015 11:08:00 AM

Tags: solar power, solar financing, Vikram Aggarwal, Massachusetts,

Solar Energy Infographic 

Using solar energy can save you thousands of dollars. But how do you make sure you’re keeping track of all your savings? We’ll show you how to tally it all up!

How to Calculate What You Save With Solar

1. Take advantage of all rebates and incentives. Many states offer rebates or incentives to encourage people to install a solar energy system. The federal government offers the Solar Investment Tax Credit (ITC), which provides you a tax credit for 30 percent of the cost of your solar energy system. If you live in a state with great incentives, you could save upwards of 50 percent of the costs of going solar by combining both state and federal programs.

For example, New York has one of the most generous incentive programs in the country. If you took full advantage of the incentives in New York, you would receive about a 60% discount on of the cost of buying a solar energy system.

Needless to say, fully utilizing all rebates and incentives can significantly lower your upfront costs, and make a big difference in your final return on investment.

2. Count what you didn’t have to pay your utility company. Think of all the utility bills you have to pay in one year. Now think of all the utility bills you’d pay in 20 years! When you go solar, you’ll be avoiding at least 20 years of bills from your electricity utility.

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