Your solar investment will make you money for a minimum of 25 years. And money is something we all use and need to get by in today’s economy. Though all work and no play make for a very dull life. Susie Steiner was a nurse who wrote an article titled the “Top five regrets of dying”, in which she mentioned 5 of the most regretted actions in the lives of those she worked with:
- I wish I’d had the courage to live a life true to myself, not the life others expected of me
- I wish I hadn’t worked so hard
- I wish I’d had the courage to express my feelings
- I wish I had stayed in touch with my friends
- I wish I had let myself be happier
Life is a gift and one that should be lived as full as you can make it. Bills, responsibilities, and bumps in the road can get in the way of retirement, buying a car, savings, and more. If you could get rid of a common bill and put that money towards savings — or even back in your pocket — we believe it could make a big difference in your life.
Money back in your pocket that you’ve been spending on your electricity bill could equal fun activities with your family and friends or even an extra weekend vacation or two throughout the year. Getting the most out of your life and spending time with the people that matter most to you can be made easier by investing in solar or making sure that your solar investment is working for you.
According to a report from the Solar Energy Industries Association, solar panel system installations have been on the rise since 2010. In 2019 it was confirmed that the United States surpassed 2 million solar installations! More and more people are realizing the benefits of transitioning to solar energy and saving money while doing it.
Save Money Today Using Your Solar Investment
Your electric bill may seem like a small worry in life and nothing sizable enough to worry about. Though I’d like to show you what you could do with the money if you apply it to a savings account. If you look at your electric bill over the course of the year or five years or ten years you will see that eliminating that expense could save you a lot of money. And if you then took that saved money and invested it you could actually make money over that period of time, solar energy is the way to do that.
When you get a quote from Belmont Solar, we also give you what your savings will most likely be in a 25-year time span with solar. We have found that on average our customers save $40,000 over 25 years, which is about $1,600 a year.
Imagine what you could do with $1,600 a year!
I’d like to show you what could happen if you were to save at least half of this savings ($800) in an investment account. With compound interest, this money will grow every year you have your solar arrays. And note that this does not factor in higher interest rates and increases in energy costs, which will only save you more money. You might be surprised how much you could benefit from a solar investment.
Investing Half Your Savings from Solar
If you could invest all your savings from solar energy ($1,600 per year), you could yield an even larger return in 25 years:
Investing All Your Savings from Solar
Solar Renewable Energy Credits
In the state of Pennsylvania, you can register your grid-tied solar installation on the PA SREC market and literally get paid for all the power that your solar panels generate. Basically, as your solar system produces power over the course of the calendar year that total power generated is counted in units called solar renewable energy credits or SRECs for short. A special solar broker will sell the SRECs your system generates and you will literally get checks or deposits to your bank account.
The value of a single PA SREC changes based on the market and the demand for SRECs. Depending on the size of your solar installation you could stand to accrue some considerable money throughout the year as your panels work for you. Understanding PA SRECs and the SREC market is pretty complicated so you can learn more on our PA SREC Guide.
Additional Solar Investment Savings
Of course, these charts are just a guide, and you will want to work with your financial advisor or accountant to ensure you are making wise choices. More and more people are choosing solar as a way to hedge against always-rising energy costs and to save significantly more money each year. Plus, when you install a solar system on your home, you get a 30% tax refund from the federal government on the cost of the installation. This is a great way to jump-start your savings.
The value of solar doesn’t end with a dollar sign. Solar power adds value by providing clean, reliable energy to the environment and your family. Solar currently has a 25-year warranty on most solar panels, reassuring you that your solar investment is made to last for decades. You are not only getting rid of a bill, you’re taking care of your family’s financial future by installing a solar panel system.
Are you ready to make your solar investment? Belmont Solar is ready to help you figure out what type of solar investment would be best for your needs (Grid-Tied Solar System, Grid-Tied with Battery Backup, Off-Grid Solar System, Tesla Powerwall Battery Backup Solar System). Contact us today to start a conversation.
Installing a solar array is an investment pays off in the long run