11 Best Solar Companies in Elwood, IN (Jan 2023 Review)

The Cost and Benefits of Solar in Elwood

The cost of putting up solar panels has gone down immensely over the past several years, but it's still a large investment for most homeowners. A few key factors that dictate the cost of installing a solar panel system on your home and how much it could save you over time include:

• System size and type: Some models are more expensive than others, so the one you choose can raise or lower your initial investment. Plus, the more solar panels you need to buy, the more it'll cost.
• How much electricity your household consumes: Households that consume plenty of energy each month may need more solar panels and, consequently, be more costly, but will also enjoy more savings over time.
• The amount of sunlight your roof gets: If your roof gets limited direct sunlight, your solar panel system won't be able to generate as much energy, which will leave you with lower savings on energy bills than a roof that gets plenty of sunlight.
• Incentives: The federal solar investment tax credit currently allows you to decrease your taxes by 30% of the project cost. Your state and even local utility companies may also have various incentives that you can take advantage of. In addition, you can save about $17,000 over 20 years on your utility bills, without incentives.

Due to the cost of solar panels being lower than before as well as local and federal solar incentives, they are a sound investment for many homeowners.

Solar Incentives in Elwood

Although a solar power system is typically a big investment, it can save you a considerable amount of money over time because of reduced power bills and government incentives. These incentives usually take the form of cash rebates, tax benefits and/or solar renewable energy credits. They can reduce how much you end up spending on going solar by 30%, upwards of 50% depending on your location. For detailed information about incentives for homeowners in Elwood, see our our article on solar incentives.

Environmental Impact of Switching to Solar in Elwood

There are a few big reasons why homeowners are considering solar energy: to put more money in their bank account and to help the planet. Many homeowners might be wondering how much exactly they can impact the environment by switching to solar in Elwood, though. In a city like Elwood where energy use is particularly high, going solar is a great idea for homeowners who are eco-conscious. In fact, if you install solar panels, you could be looking at reducing your carbon dioxide emissions by about 90 pounds each year. As you can see, trading traditional energy for solar has so many other perks besides saving money. One of the main ones is that you can help save the Earth too.