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Solar Power vs Electricity: The Run-Down on the Costs and Savings

Did you know that the solar industry in the United States employs almost a quarter of a million people? The growing economic job prospects and expansion of the solar industry have allowed solar costs to drop dramatically since the first uses of solar energy were implemented.

If you’re thinking of switching to solar, continue reading for a quick overview of solar power costs and what a switch to solar may mean for your finances.

Solar Power Costs

In general, the cost of installing solar panels has gone down significantly in recent years. The cost to install a solar panel is less than $3 per watt, and there are many credits and rebates available for homeowners who choose to install solar. The various rebates and credits available for those who have solar panels that generate electricity:

  • Federal solar tax credit
  • State tax credit
  • Solar energy renewable certificates
  • Local utility rebates

In addition to certain tax rebates, some tax exemptions are available for new solar panel installations on homes. Depending on which state you reside in, your solar system installation might be considered exempt from state sales tax. Not only do you save on upfront solar power cost installation, but your monthly energy bill can also be drastically reduced as well.

Solar Power vs Electricity

We know that solar power today is an affordable option, but what about standard electricity options? Coal, natural gas, and fossil fuel also provide options for powering your home and meeting your energy consumption needs. When looking at solar power cost vs regular electricity cost, it should be noted that standard electricity is generally more expensive over a long-term basis.

Standard electric is generally easy to use. It has easy setup capabilities and doesn’t require an upfront investment cost. However, standard electricity provides no potential tax credits or rebates, and your energy choices stem from either coal, natural gas, or fossil fuels. These particular fuels emit gases into the atmosphere, which leads to harmful pollution.

One of the most notable drawbacks to general utility electricity is that there is no way to control the fluctuating cost. Residential electricity fluctuates depending on the time of year, location, and overall usage.

Where to Start?

When looking at solar power cost vs electricity cost, it is important to note the cost breakdown will vary depending on factors such as location, as well as which company you decide to go with for your electric needs. Many solar power companies have online capabilities that provide a cost-savings estimate.

The Blue Raven Solar Website offers a comprehensive savings and benefits estimate for customers all across the country. Obtaining a custom quote can be a great first step toward saving with solar.

Saving with Solar

So, how much cheaper is solar power vs electricity? The tax incentives for solar far outweigh the immediate savings that come from standard utility electricity. Today, solar power costs of solar panel installation are affordable and allow you a way to produce renewable energy and save money from the very first day your solar system starts generating power.

If you found any of the information above helpful, be sure to check out any of the other articles we offer in our Business or Education sections!

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