18 Best Solar Companies in Olean, NY (Dec 2022 Review)

The Cost and Benefits of Solar in Olean

Solar panels are powered by a free energy source — the sun — but to take advantage of this you will need to pay to set up your system. The cost of solar and the savings it generates vary depending on a few important factors such as:

• The model of solar panels you want to get: Some are more expensive, so that will influence your budget for your solar project.
• Energy consumption: Installing solar panels may be an expensive option for families that don't need a lot of energy each month.
• How much energy costs for you: If your local utility rates are high, there's a better chance you'll see a higher return on your investment in a solar system. In Olean, you can save an average of $56 a month on your electricity bills.
• Incentives: The federal solar investment tax credit currently lets you lower your taxes by 30% of the project cost. Your state may also have various incentives that you can use. In addition, you can save about $14,000 over 20 years on your utility bills, not including incentives.

Due to solar panels now being cheaper than ever as well as local and federal solar incentives, they are a sound investment for the majority of homeowners.

Solar Incentives in Olean

There are lots of reasons why going solar is a great investment. One of them involves some government incentives you can take advantage of. Everyone can take advantage of the federal Solar Investment Tax Credit (ITC), which lets you claim 30% of your project costs on your tax return, reducing the amount of taxes you owe that year. In addition, there may be some local incentives that can save you some extra money too. In our article on solar incentives, you can read about the incentives you qualify for in your area.

Environmental Impact of Switching to Solar in Olean

Installing solar panels can have a positive effect on the environment. But — how much exactly can you help by making the switch to solar? As reported by the EPA, electricity production is the second greatest source of greenhouse gas emissions and about 62% of our electricity comes from burning fossil fuels. Installing solar panels and switching to renewable energy can help bring down that statistic in a city like Olean that accounts for a fair amount of carbon dioxide emissions each year. Though solar panel production emits carbon dioxide, the panels make up for it by considerably lowering the amount of CO2 you would have been responsible for if you still used nonrenewable energy. In Olean, you can reduce your carbon footprint by 20 pounds a year with solar panels. If you want to do your part for the environment, you'll no doubt find that there are many benefits of adopting solar power other than just saving money on bills. You can also help preserve the environment, which some would argue is invaluable.