How Much Can You Save With Commerical Solar In Orange County?
One question we get asked virtually every single time we speak with clients about installing a solar system is, “How much money can you save with solar?”
It’s no secret commercial solar panels greatly reduce or completely eliminate your electric bill. But determining your true solar savings is actually influenced by several factors. For example:
- How you are financing your system
- Whether you are taking advantage of the federal tax incentives
- How much are you currently paying for the electricity portion of your power bill
The more solar energy you produce, the less electricity you have to buy from the utility company. That means you start realizing savings on your utility bill as soon as your commercial solar system is installed and activated.
The easiest way to estimate your electric bill savings is to enter your home address into this online solar savings calculator. The next step is to call 714-910-2906 to get more details. An energy consultant will help you determine whether your average electricity bill is high enough to warrant the switch to commercial solar. The threshold is a minimum of $75 per month on your electricity spend.
Then you can begin to decide if commercial solar in Orange County is right for you. For example, can you generate enough solar energy for your needs? Do you have excessive shading on your roof? Does your local utility have solar-friendly policies?
Answering those questions will help you find out how much solar panels can save you on your utility bill each month.
How Much Do Solar Panels Save?
Most people going solar want to know how much solar panels can save on electricity bills. But there are other financial benefits that determine how much solar really saves that you should take into account. Solar can help you:
1 – Protect Yourself Against Electricity Rate Hikes
Easily the biggest reason people go solar is to reduce their energy bills. A typical American family spent about $1,335 on electricity alone in 2018, and national electricity costs typically rise at a rate of about 2.2% per year. In some areas, energy prices spike sharply based on the weather or demand on the energy grid at certain times of the day. So going solar can allow you to lock in a set energy price.
2 – Commercial Solar Panels Increase Property Value
By reducing or eliminating your electricity bill, adding a solar panel system is almost always a good real estate investment. Depending on where you live, solar can increase property values by 4 percent.
3 – Take Advantage of the Currently Available Federal Tax Credits
The federal solar tax credit, also known as the solar investment tax credit (ITC), allows business owners who have their commercial solar systems installed by the end of this year. This is to deduct 30 percent of the cost of their solar purchase from their federal taxes. If your tax bill isn’t big enough in one year to accommodate the credit, it can be rolled over to the next year for as long as the credit is available.
Find Out How Much You Can Save With Solar
Your exact return on investment varies. Specifically, it’s affected by which commercial solar payment option you choose. Cash purchase, finance, or lease options all have benefits and variable timeframes for you to realize your solar panels’ savings.
But given that you’ll be able to either reduce or eliminate your electric bill, lock in your electricity rate, increase your property value, and potentially take advantage of the solar tax credit and/or local solar incentives, the return is likely to be in the tens of thousands over the life of your solar system.
REPOWER OC warrants its commercial solar systems (power production and equipment) with a 25-year Complete Confidence Warranty. And our commercial solar systems have an expected useful life of 30 years. So once your system is paid for, you’ll enjoy many years of savings.