What are the Financial Benefits of Using Solar Power?

October 19, 2022

Summertime brings opportunities for solar power customers to save as in recent years solar has become one of the most affordable sources of energy. Customers aid in the climate revolution of utilizing renewable energy but are they also saving their wallets alongside the planet? Financial returns and lower monthly utility bills are major incentives for going solar. Customers don’t have to wait years to find out the return on their investment in solar.

Customers can immediately see the impact of sourcing their energy from solar as their utility bills lower. Sourcing energy from renewable sources. Like solar, means that customers don’t rely as much on their electric utility company for energy. Any power that the solar panels produce is power you don’t have to buy from the utility companies.

Customers can in turn offset their extra solar-sourced energy to utility companies. This process of seeking a credit for any excess of energy produced through solar is known as Net Metering (NEM). Any unused solar energy, from producing more energy than your consumption, is sent back to the power grid. The power grid stores the excess solar energy for credit at a later time, and with reporting of monthly or annual true-up bills. The customer is typically compensated for the extra energy their system produced at retail electricity rates. The amount for compensation varies per location.

Going solar is not only beneficial for customer for reducing utility bills but also for a tax credit. The government offers incentives to homeowners for installing solar panels. The solar Investment Tax Credit (ITC) is a federal policy that supports the growth of solar energy. This tax credit can be claimed on federal income taxes for a percentage of the cost of going solar. The purpose of this credit is to incentivize and ultimately increase the use and production of renewable energy in the US.

How can solar customers see how much they are saving easily?

Enact is a virtual solar assistance service for residential and commercial customers that makes solar easy. Enact also provides a solar software platform and mobile application for customers to track solar system performance analytics, utility bill savings, and real-time power flows. Features include a real-time utility bill savings tracker, system performance analytics, and a solar + storage power flow display.

The value of solar energy provides benefits to the customer and their electricity system as a whole. Act now and save on your upcoming utility bill. The solar process can be confusing but it doesn’t have to be. Visit Enact Systems to learn more about how to get started.