Colorado Springs is known for its sunny climate, boasting more than 300 days of sunshine each year. As such, it’s a perfect place to go solar. If you like the idea of powering your home with solar panels but are intimidated by installation costs, you might be surprised to learn that a solar energy system is actually within your financial reach.
According to a study published by the International Renewable Energy Agency (IRENA) renewable energy is rapidly becoming the world’s most affordable form of electricity generation. When evaluating the costs associated with solar panels, it’s important to look at the big picture. Here are some of the ways solar panels can save you money over time:
During daylight hours, most solar customers produce more electricity than they consume. A key benefit of solar panels is net metering – a utility billing mechanism that provides credits to residential customers who produce excess electricity and transfers the surplus to the public power grid. The credits, which are calculated based on the utility’s retail rate per Colorado law, can be used toward any electricity drawn from the grid when it is dark or cloudy outside, resulting in significant savings on utility bills.
State Tax Breaks
In Colorado, no sales tax is applied to the purchase of a new solar energy system.
The Federal Solar Tax Credit
The federal solar tax credit currently allows a taxpayer to deduct 30 percent of the cost of installing a new solar energy system from his or her federal taxes, and there is no cap on this deduction.
Greater Price Stability vs. Utility Companies
Finally, the price of electricity produced by solar panels is more predictable and competitive than that charged by traditional utility companies. After an initial investment that will pay for itself over time, a solar system will produce free electricity, eliminating the widely fluctuating expenses of nonrenewable energy.
Turn to Blue Raven
For years, homeowners in Colorado Springs, CO, have entrusted Blue Raven Solar with their solar installations. If you’d like to have a knowledgeable, local company introduce you to the many ways you can lower your home’s energy costs with solar panels, contact Blue Raven today.