9 Best Solar Companies in Binghamton, NY (Jul 2022 Review)

The Cost and Benefits of Solar in Binghamton

We get that for most homeowners, the choice to invest in solar rests on installation costs. The installation cost is just one important factor you should bear in mind when looking into installing solar panels. How much it'll cost and how much you can save depend on things such as:

• Your power bills: This will affect your savings. In Binghamton, the average homeowner can save about $580 a year on their electricity bills.
• Incentives: The federal solar investment tax credit currently lets you reduce your taxes by 26% of the project cost. Your state and city may also have various incentives that you can take advantage of. In addition, you can save about $12,000 over 20 years on your utility bills, before factoring in incentives.
• Your income and budget: This determines what kind of solar panels you can purchase.
• average energy usage: The more power your household consumes on average and the greater your current power bills are, the more money you could save by going solar.

Even though a solar panel system costs a sizable chunk of money upfront, it can save you thousands of dollars over time. The question of how much, though, depends on several factors, including the size of your house and incentives.

Solar Incentives in Binghamton

To increase the adoption of solar power, federal, state and local governments — and even some utility companies — offer incentives to help make solar power more economical and accessible. When you install solar panels on your home, you can take advatage of the federal tax credit, or ITC. This credit currently reduces your tax bill by 26% of the cost of your solar panels. In addition, there are often some state and city incentives that you can use to further cut back on the cost of solar of solar panels. The table below tells you about the incentives you can take advantage of in Binghamton.

Environmental Impact of Switching to Solar in Binghamton

Installing solar panels can have a positive impact on the environment. A question many might have in mind is how much can they really help protect the environment by going solar anyway? One thing to consider is your overall carbon footprint. For example, if you spend a lot of time in the car and have an electric vehicle, you can install solar panels on your home to power your EV and therefore help offset your carbon emissions. In fact, if you make the switch to solar power, you could look forward to lowering your carbon dioxide emissions by about 20 pounds each year. For people who want to help the environment, the upfront cost of solar is a small price to pay for reducing your carbon footprint.