When homeowners and businesses reach out to solar installers in the tri-state area, one of the first things our NY, NJ, and CT neighbors want to know is if installing solar panels will save money in both the short- and long-term. The short answer is a resounding yes. The longer answer, however, is that installing solar panels is an investment and that the real savings come once the initial cost of installation has been returned—but that can be much sooner than you think!
DMV Equity, Inc., offers top-tier solar installation services from our headquarters in Mamaroneck, NY, to help homeowners and businesses install cost-effective and more environmentally friendly energy solutions. To do so, we proudly and exclusively use SunPower solar energy technologies.
So, how much will our services and quality SunPower solar panels save you? Let’s get into it.
Good for Your Wallet and the Environment
Solar panels are a sound money-saving option, but they also address a critical need for a future that is less dependent on environmentally harmful fossil fuels. When you decide to go solar, you’re not only saving money, but you’re also doing your part to save the planet.
But going solar does come with a cost. Your residential or commercial project will vary depending on a number of factors, so reach out to us for your free consultation to get a clearer picture of your investment.
While each project is different, the energy- and money-saving potential is not; homeowners and commercial spaces will each see drastically reduced energy costs immediately. However, the specific savings will, of course, depend on your unique circumstances.
But let’s take a look at a broad example. In October 2019, the national average electricity rate came in at $0.1284 per kilowatt-hours (kWh). When we multiply that by the average American household’s 10,972 kWh use, we see that the average American household spends more than $1400 annually just on electricity.
However, keep in mind that the tri-state area’s average rates are often double that of the national average, so your savings will likely be higher than the national average as well. Further, residential properties receive a 1-to-1 credit for participating in net metering. This is the process of your residential property’s generator transferring surplus power to the public utility grid.
But the credits don’t stop at net metering. Those who have solar panels installed are eligible for a 26% federal tax credit, and a 100% bonus depreciation on commercial installation. Residents in each state have state-specific credits as well.
- RSIP (Residential Solar Investment Program) for homeowners
- Z RECs (Zero Emission Renewable Energy) credit for commercial properties
- SREC (Solar Renewable Energy Certificate)
- NYSERDA (New York State Energy Research and Development Authority) rebates
- 25% state tax credit capped at $5,000 for residential installation
- 20% New York City tax abatement applied over four years
While solar panels offer no restrictions on your kWh, they will significantly reduce the cost of bringing reliable, sustainable energy to your home or commercial space. Again, remember that your space’s size, condition, and other factors will impact the number of panels you’ll need, as well as which systems may or may not be available to you.
For example, your structure will need a specific number of panels to deliver the energy offset you hope to achieve. We know that this can be challenging to calculate, so that’s why we’re happy to answer any questions you have so you can get a clearer understanding of your needs.
Your requirements will also impact the timeline on which you can expect to recoup every cent of your upfront investment—and see a return well beyond 100%. As of 2020, the average period is around five years. But during this time, you’ll do more than just planned to save. By installing solar panels, you will have:
- Increased the value of your property
- Saved thousands on electric bills over the system’s lifetime
- Chosen a cleaner, more sustainable energy source for years to come
But the best part about trusting a reliable solar installer in the tri-state area like DMV Equity, Inc. with your solar panels? You’re joining the growing number of Americans who are saving between $10,000 and $100,000 over their solar panel system’s lifetime. Your savings could be even greater.
Go Solar and Save
We’ve touched on just a few of the benefits of going solar. But for many, the noticeable money-saving aspect is the biggest draw. Let us help you improve your energy source and begin saving today. Reach out to us to get started.