How Much Money Can I Save By Going Solar?

If you live in Tampa, going solar is a great way to take advantage of our abundant sunshine to reduce your monthly electricity bill. 

And, since the cost of going solar is a major factor, you might be wondering how much money can you save by installing solar on your home? 

The answer to this question of course depends on how much you pay for electricity each month. However, I can tell you that the average U.S. home saves between $600-$1,000 a year by switching to solar.  

That means no matter how much you spend on electricity, the amount you will be paying each month for your solar panels is going to be less.  

However, to get the full idea of the savings that are possible by going solar, let me bring up three other factors that will help you maximize your savings when going solar:

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Going Solar in Tampa Comes With Awesome Tax Incentives

To help encourage homeowners to switch to solar and therefore increase the amount of renewable energy produced, a federal tax incentive exists of up to 26% at the time of this writing. This credit can help you pay for your solar panels as well as maximize savings.  

While we are on the subject of solar tax incentives, it is important to know that the federal renewable tax credit will not be around forever. It’s already lowered by 4% over the last two years and may continue to go lower or may disappear altogether. So time is of the essence.

Going Solar Will Protect Your Home Against Increasing Electricity Costs

Have you noticed that you pay more for electricity today than you did five or ten years ago? 

Electricity rates charged by your utility not only fluctuate throughout the year but electricity prices also increase every single year by about 3% – 6%. That means every single year you pay more for electricity than you did the previous year, even if you used the same amount. 

By going solar, not only will your monthly payments be lower than you are currently paying for electricity each month, but they will remain the same despite the steadily increasing electricity rates. 

Tampa Provides Net Metering Credits to Homes That Go Solar 

In Tampa, you will be able to get credits from your utility for up to 10% of the electricity that your solar panels produce that you do not use. 

That means not only will your solar panels be saving you money but you will be getting money or credits back from your utility!  

Also read, What is Net Metering 

In summary, solar is a great way to become more independent and significantly reduce your electricity bills. Not to mention, after you are done paying off your solar panels (usually, 6-10 years depending on your financing) you will be producing your own electricity and have close to no bill at all! 

Ricardo SolArticle by:
Ricardo Sol
Senior Editor, Expert Solar Inc Tampa