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The Need for Solar Energy is Rising with Electricity Rates

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If you are feeling the pinch in your electricity bill, you are not alone.

The need for solar energy is rising as 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.

If you are feeling the pinch in your electricity bill, you are not alone. Currently, the average U.S. home pays $110 per month for power, but that will go up to $180 over the next two decades, according to the U.S. Energy Information Administration. With such financial pressure brought to bear on everyday Americans, it makes sense the state and federal governments have taken steps to assist families to find solutions that support innovative industries and reduce household costs.

Among those innovations is solar power. Technologically advanced and increasingly accessible to homeowners, solar panels are an environmentally sound, budget friendly option. It’s one way to counter the trend toward higher energy costs and preserve the natural environment valued by Colorado communities. Solar power is a solution that works well for your pocketbook and for the earth.

Solar Panels: The Solution to the Projected Rise in Energy Costs

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.

Solar Panel Pricing

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.

Many homeowners do not have to pay the entirety of the installation cost out-of-pocket. There are numerous ways to further reduce costs and even ways to get initial funding to stop delays in new installations. Instead of saving up for solar panels, cash-strapped families can get started right away.

Low Interest Energy Loans

State initiatives have introduced low interest loans to retrofit your home and increase energy conservation and efficiency. These loans are secured, credit-based with a fixed term and provide funding for families to move towards environmentally beneficial technology. It provides a boost for homeowners who want to install solar panels but may not have room in their household budgets for a significant expenditure.

In Idaho, for example, the State Energy Loan Program provides $1,000 to $15,000 to residential homeowners for a renewable energy project. The loans have a 5-year term at a 4 percent interest rate. Applicants have to pay a $100 credit analysis fee at the time of application, but the process is relatively straightforward.

Net Metering

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.

Net metering is a hot topic in many state legislatures, as lawmakers consider how to implement sound energy policies. As the conversations continue, homeowners can still benefit from the cost reductions associated with net metering while they reap the environmental benefits of using a renewable energy technology.

Federal Tax Credits

Homeowners receive a significant tax credit for solar panel installation on their homes. The Solar Investment Tax Credit provides a 30 percent credit on the cost, reducing homeowners’ tax burden dollar-for-dollar. The SITC is intended to boost the solar energy industry in the U.S., which gives American families environmentally sound energy options and ways to reduce their power usage.

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.

 How You Can Take Steps to Reduce Your Energy Costs With Solar Panels

There is both a financial and environmental incentive for homeowners to consider installing solar panels in their homes. The availability of favorable loans and tax incentives ease the burden of installation on families, and as the solar industry expands, solar panel prices continue to fall. Once households get their energy from the sun, they can receive credit for the excess power they give back to the electricity grid. It is a “win-win” for families and for the environmentally conscious community. Contact EcoMark Solar for a free solar panel installation quote today!

Have additional questions? Call us today at 720-310-0075 or schedule a call.

wind storm emergency kit

10 Power Outage Emergency Kit Must-Haves and What to Do First

December 17, 2021
Wind Storm Wednesday, December 15th, brought home the fact that Colorado power outages can come at any time. Damage to power lines, stress on the grid, snow, wind, fire, and rain can all cause the power to go out. You can be safe and prepared with a plan and a basic tool kit.
/wp-content/uploads/2021/12/wind_storm_emergency-kit.png 330 495 Chris Allis /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Chris Allis2021-12-17 13:38:002021-12-23 15:32:3310 Power Outage Emergency Kit Must-Haves and What to Do First
fall solar sale x

Eight Reasons Fall is the Best Time to Order Solar

October 27, 2021
Solar panels generate more energy during summer, but fall is the best time to order. You can save more on your utilities...
/wp-content/uploads/2021/10/fall_solar_sale-495x330-1.png 330 495 Chris Allis /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Chris Allis2021-10-27 13:26:042021-12-23 15:34:33Eight Reasons Fall is the Best Time to Order Solar
ecomark solar and storage x

How to Get 10x Value from Your Solar Panel System with Storage

August 17, 2021
Adding Storage to your solar panel system is a smart move now. While solar panels can decrease your energy bills...
/wp-content/uploads/2021/08/ecomark-solar-and-storage-495x330-1.png 330 495 Chris Allis /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Chris Allis2021-08-17 18:54:142021-12-23 14:39:08How to Get 10x Value from Your Solar Panel System with Storage
How Much Does Solar Cost

Make Power Outages a Thing of the Past For The Future of Your Home

July 16, 2021
Thanks to recent advances in technology, EcoMark Solar has multiple battery options for solar systems.
/wp-content/uploads/2021/07/how-much-does-solar-cost-700467-1.jpg 467 700 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 17:17:462021-11-23 16:14:31Make Power Outages a Thing of the Past For The Future of Your Home
Colorado Solar Panels in the Rockies

4 Things They Don’t Want You to Know About Solar Energy

July 16, 2021
/wp-content/uploads/2021/06/colorado-solar-panels-in-the-rockies.jpg 700 2000 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 17:15:352021-07-20 12:33:024 Things They Don’t Want You to Know About Solar Energy
Colorado Solar Panel Installation

Winter Solar Panel Maintenance Tips

July 16, 2021
/wp-content/uploads/2021/07/colorado-solar-panel-installation-2000-700.jpg 700 2000 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 16:57:582021-07-21 01:56:43Winter Solar Panel Maintenance Tips
how solar panel installation works

What is Net Metering, and How Does it Work?

July 16, 2021
/wp-content/uploads/2021/08/how-solar-panel-installation-works-700x467-1.webp 467 700 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 16:56:042021-08-16 18:48:15What is Net Metering, and How Does it Work?
How Much Does Solar Cost

What happens when your solar system gets hit by hail?

July 16, 2021
/wp-content/uploads/2021/07/how-much-does-solar-cost-700467-1.jpg 467 700 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 15:58:452021-07-21 02:30:34What happens when your solar system gets hit by hail?
Best Solar Panel Installation Products

What Are the Financial Incentives for Going Solar?

July 16, 2021
/wp-content/uploads/2021/07/best-solar-panel-installation-products-700467.jpg 467 700 Max Cowles /wp-content/uploads/2021/06/ecomark-solar-logo-with-panel.png Max Cowles2021-07-16 15:53:482021-07-21 02:09:17What Are the Financial Incentives for Going Solar?
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