Did your last utility bill make your jaw drop, Best Solar Panel System in California?
You’re not alone. Energy rates have increased by 8% since 2021, and they don’t show any signs of slowing down. It can be a budget buster for many homeowners in California, leading to cutbacks in other areas.
But there’s a way to fight back against rising energy costs. Solar panels for your home can help you save money on your electric bill and, in many cases, eliminate it.
Keep reading to learn how to save money on your home’s electric bill with solar energy.
How to Save on Utilities with a Solar Energy Installation
Utility bills in California have been on the rise for years, but solar energy can help you take control of your energy costs. The average solar panel system in California will save homeowners about $800 per year on their electric bills.
Here are four ways solar panels in Los Angeles can help you save money:
1. Reduce or Eliminate Your Electric Bill
Solar panels can either reduce or eliminate your electric bill, depending on the size of your solar panel system and your home’s energy usage. If your goal is to eliminate your electric bill, you’ll need a solar panel system that produces more electricity than your home uses annually. The average California household will need a 6.5 kilowatt (kW) solar energy system to offset 100% of their home’s annual electricity usage. If your goal is reducing your electric bill, you can install a smaller solar panel system rather than eliminate it. It will offset a portion of your electricity usage and lower your monthly bill.
2. Get Paid to Produce Solar Energy
Solar energy saves you money on your electric bill and can also make you money. California offers state solar incentives for homeowners who install solar panels in Los Angeles, including cash rebates and tax credits. If your solar panel system produces more electricity than you use in a year, you can sell the excess electricity back to your utility company through net metering. With net metering, you get paid for the extra energy your solar system produces at the same rate that you’re charged for electricity. It can further offset the cost of your solar panel system and help you save money on your electric bill.
There are also federal solar incentives that apply to all homeowners in the United States. The federal Solar Investment Tax Credit (ITC) allows you to deduct 30% of the cost of your solar panel system from your taxes. It is a huge incentive that can save thousands of dollars on your solar installation. Many solar loans allow homeowners to apply the ITC to their loans, which can further reduce the cost of going solar.
3. Protect Yourself Against Future Rate Hikes
Solar panels can help insulate you from future rate hikes. As utility rates continue to increase, solar will become an even more cost-effective way to generate electricity. Once you install a solar panel system, the cost of your electricity is locked in at today’s rates. Buying a solar panel system is like prepaying 25 years of electric bills. No matter how much the rates increase, your monthly solar payment will stay the same. Not only does this give you peace of mind, but it also allows you to budget your energy costs more efficiently in the future.
4. Solar Energy is an Investment in Your Home
Solar panels are an excellent investment in your home. They increase your property value and can help you sell your home for more money in the future. A solar panel system can increase the resale value of your home by an average of 4.1%. A considerable return on investment can make going solar a wise financial decision.
Get Started With Solar Energy in Los Angeles
Stop dreading opening your power bill each month. Solar panels in Los Angeles can save you money on your electric bill and prevent future rate hikes. So get started with Paxton Energy today to start saving money and taking control of your energy costs.
At Paxton Energy, we help homeowners save money on their monthly electric bills with solar. Our team of experienced solar professionals will help you find the best solar solution for your home and budget.
Contact us today for a free solar assessment to help you determine if solar is right for your home.