Price of electricity will keep going up. Why? Inflationary pressures, loss of coal plant powered electrical plants, and overall demand upon ever expansive infrastructure.
In central Texas, the typical household spends over $2000 a year on electricity. That’s money that is gone forever, like a lease. This makes an investment in solar not only affordable compared to other home improvements but economical.
How does solar compare to other purchases? Major purchase like a new vehicle purchase or the next cool cell phone option, come with additional taxes, fees, insurance, fuel and general maintenance or replacement costs. Solar on the other hand works for years once installed.
The average monthly payment on a new car was $523 in the first quarter of 2018, according to credit reporting agency Experian. For vehicles driven 15,000 miles a year, average car ownership costs were $8,469 a year, or about $706 a month, in 2017, according to AAA. That means that after 5 years the average 30K vehicle actually costs about 72K! That’s many times more that the typical solar panel system that lasts 25+ years.
Then there’s another PLUS… you can qualify for 30% back on your federal taxes for 2019! [IRS FORM 5695]