Solar energy is the trending source of electricity these days. We usually hear homeowners say that the system comes with several benefits. The most common benefit we often hear about this source of electricity is the advantage of saving cost.
While it has been proven several times that solar saves money, is this also true in Arizona? Does solar save money in Arizona? Is solar worth the investment in Arizona? Here are the answers to these questions.
Does Solar Save Money in Arizona?
Not only in Arizona, solar generally saves money. Think about it this way: you are not spending on fuel but solely relying on a natural source of energy to power your home. However, how much you save with solar greatly depends on certain key factors, such as:
How Much Does Solar Save in Arizona?
To understand how much solar saves in Arizona, you first must understand how much money you spend on electricity every year and compared it to how much you spend on a solar installation.
On the part of solar installation, the cost of solar panels varies from region to region. In Arizona, the price of a panel used in an averagely sized system of 6 kW stands at $16 or $3 per watt. However, this is before the 26% Federal tax credit is deducted.
The total cost of how much you spend installing a solar system depends on how many solar panels you need for the installation. The good news about installing a solar system is, the savings made with the system within the first few years is enough to offset the upfront investment. Studies have proven that savings made on solar systems in three years offset the upfront cost.
The federal tax credit is also another benefit of installing a solar panel system. This credit was introduced to encourage residential homes and offices to invest in solar systems and renewable energy. The credit is 26% in 2020 and will reduce to 22% from 2021. As such, it is ideal to key into the system and enjoy the benefit when it is still highly appealing.
Besides the benefit of the federal tax credit, buildings with solar panels are highly-priced. This shows that solar panels are a great investment to increase property values and lower utility bills.
Are Solar Panels Efficient in Arizona?
The available solar energy in Arizona is enough to generate the electricity demands of every home in the state. As such, if solar panels are efficient in Arizona shouldn’t be a threat.
However, ensure you hire a reputable solar company to install the solar electric system. We are one company you can trust for your solar installation in Arizona. At Canopy Solar, we are dedicated to installing solar systems in Arizona, and other states in the U.S. Contact us today to book us for your installation.
Learn how going solar has helped many families like yours. By choosing solar panels, you could see up to a 20% decrease in your high bills! We look forward to serving you.