13 Best Solar Companies in Ferndale, MD (Mar 2023 Review)

The Cost and Benefits of Solar in Ferndale

While solar panels can save you a decent chunk of change on utility bills over time, it's necessary to take into consideration the startup costs. Some main factors that affect how much it will cost to install a solar panel system on your home and how much it could save you over time include:

• Energy consumption: Installing a solar system may be a high-cost investment for homes that don't use too much energy per month.
• Incentives: The federal solar investment tax credit currently allows you to decrease your taxes by 30% of the project cost. Your state and city may also have incentives and rebates that you can use. In addition, you can save about $15,000 over 20 years on your utility bills, without incentives.
• The model of solar panels you're thinking of getting: More high-tech panels cost more, so that will determine your budget for your solar project.
• How much sunlight your roof gets: If your rooftop doesn't see much direct sunlight, your solar panels won't be able to generate as much energy, which will give you lower savings on power bills than a roof that gets a lot of sunlight.

Solar is a profitable investment for most homeowners. You can make your own energy instead of paying for it from a utility company and take advantage of solar tax credits and rebates, all while helping preserve the environment.

Solar Incentives in Ferndale

Although solar power is typically a big investment, it can save you a considerable amount of money over time due to lower power bills and government incentives. Regardless of what state you live in, you can take advantage of the federal Solar Investment Tax Credit (ITC), which allows you to claim 30% of how much your solar project cost when you file taxes, reducing the amount of taxes you owe that year. In addition, there may be some state and city incentives you can benefit from too. For detailed information about incentives that apply to you, see our our article on solar incentives.

Environmental Impact of Switching to Solar in Ferndale

There are a few big reasons why people want to invest in solar energy: to put more money in their bank account and to help the planet. But you may be curious — how much exactly can you help the planet by using solar power? One thing to keep in mind is your overall carbon footprint. For example, if you spend lots of time commuting to work and have an electric vehicle, you can install solar panels on your home to power your EV and therefore help offset your carbon emissions. Since solar panels don't release greenhouse gas emissions into the atmosphere when producing electricity, they're a good trade for nonrenewable energy sources. In fact, you could lower your carbon dioxide emissions by about 60 pounds each year. For people who are worried about the environment, the upfront cost of solar is a small price to pay for the offset carbon emissions.