Is Your Electric Bill Soaring? See How You Can Keep It Down!

Categories: Energy

American families often feel at the mercy of rising oil prices, which affects their costs to fill up the tank and heat their homes. Electricity is one household expense that seems destined to rise. In fact, electricity costs are projected to reach 13.02 cents per kilowatt-hour. That’s a 20 percent increase from just five years ago, clearly demonstrating that power is taking up an increasing chunk of household budgets.

Many homeowners think of solar as the domain of large buildings or private industry. But technological innovation and government initiatives in the past few years has made solar a viable option for the average American. Installing solar panels is affordable and there is capital assistance available for solar panels if you need it.

Heating your home with solar energy is no longer a luxury. The cost to install solar panels has plummeted, going down 70 percent since 2009, according to a 2015 report. This price drop comes as solar panels have increased in efficiency, bringing more power to residential homes. In some areas, solar is prominent enough to compete with power from fossil fuels like coal and natural gas.

Solar panels produce more energy at certain times of day, simply because the sun only appears in daylight hours. State utility systems often have a net metering system, where households receive an energy credit for periods when they produce excess energy. That excess energy is sent back into the neighborhood’s electricity grid, the meter runs backward in the solar power-producing household, and that credit is used during dark hours. This means energy never goes to waste and solar households save money on their power bills.

In December 2015, the federal government extended the time homeowners have to take advantage of tax incentives for solar energy. Although the credit will stay at 30 percent through 2019, in subsequent years the credit drops to 26 and then 22 percent, providing greater urgency for homeowners to install solar panels as soon as possible to maximize the financial benefit...

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