14 Best Solar Companies in Oxford, NC (Sep 2022 Review)

The Cost and Benefits of Solar in Oxford

For the majority of homeowners, whether or not to invest in a solar energy system depends the most on the cost. The cost and possible savings vary depending on some important factors such as:

• Your income and budget: This guides what kind of solar panels you can get.
• Incentives: Along with the federal Solar Investment Tax Credit (ITC), which lets you deduct 30% of your overall installation cost, your state or local government may offer additional tax exemptions, credits or rebates that can help you save even more. Aside from incentives, you can save an average of $19,000 over the first 20 years with your solar system, too.
• How much power your household needs: If your family regularly uses a lot of energy, you'll benefit more from installing solar panels.
• The amount of sunlight your area gets: Thanks to Oxford's high amount of average daily sunlight, you should be able to save a decent amount on your electricity bills.

Though a solar panel system costs a good chunk of money upfront, it can save you thousands of dollars in the long term. The question of how much, though, depends on several factors, like the kind of solar panels you get and incentives.

Solar Incentives in Oxford

In an effort to increase the adoption of solar power, federal and local governments — and even some utility companies — offer incentives to help make solar more economical and accessible. Regardless of where you live, you can take advantage of the federal Solar Investment Tax Credit (ITC), which will allow you to claim 30% of your project costs on your tax return, reducing the amount of taxes you owe that year. Additionally, there may be some state and city incentives that stack with the ITC too. In the table below, you can see the incentives you qualify for near you.

Environmental Impact of Switching to Solar in Oxford

There are a few primary reasons why homeowners are considering solar energy: to help their wallet and the environment. A question many people might be thinking about is how much can they really help protect the environment by switching to solar power anyway? The more power your family uses, the better off the planet will be when you switch to solar as you won't need to burn as many fossil fuels. Although solar panel manufacturing emits carbon dioxide, the panels make up for it by considerably decreasing the amount of CO2 you would have been responsible for if you still used traditional energy. In Oxford, you can reduce your carbon footprint by 60 pounds a year with solar panels. As you can see, investing in solar has so many other benefits besides saving money. One of the main ones is that you can help save the planet too.