Spend less on bills and more on the things that matter by switching to solar power.

Increasing access to and incentivizing solar power projects has become a top priority in Maine, from Portland to Aroostook County–and everywhere in-between. Maine homeowners can reap these benefits to save themselves money in the short and long term. In addition, switching to solar power can reduce (and sometimes eliminate) electricity bills, and users may enjoy net metering and tax credit advantages.

But change is hard, especially when it comes to switching something as big as where your electricity is coming from! So let’s break down the top five ways solar energy can save you money.

1. Reduce or Eliminate Electricity Bills: Once solar panels are installed, they can produce free electricity from the sun. This will offset the amount of electricity you would have purchased from the utility company, potentially resulting in significantly lower electricity bills or even eliminating them altogether. And with CMP rates going up every other day it seems, switching to solar sooner than later will put you ahead of the game. 
2. Net Metering: In 2019, Maine passed LD 91, reinstating traditional net metering and repealing gross metering (which essentially charged you for producing solar energy). Net metering programs are where you can earn credits for excess electricity your solar panels produce and send back to the grid. These credits can be applied towards future electricity bills, further reducing your monthly expenses. 
3. Tax Credits: Federal, state, and local governments often offer tax credits and incentives for homeowners who invest in solar energy. These credits and incentives can offset the cost of installing solar panels, making them more affordable. The current federal tax credit is 30%, meaning you receive a reduction on your taxable income for 30% of qualifying expenses. Qualifying expenses include the panels themselves, contract labor costs, balance-of-system equipment, energy storage devices, and the sales tax.  
4. Increased Home Value: Solar panels can increase the value of your home, making it more attractive to potential buyers if you decide to sell. This can result in higher resale value and a faster sale.
5. Long-Term Savings: Solar panels typically have a lifespan of 25-30 years and require little maintenance. By investing in solar energy, you can enjoy long-term savings on your utility bills for decades to come.

Saving the planet and reducing fossil fuel dependence aside, you can’t argue with the dollars you’ll keep in your wallet after purchasing a Maine Solar Shed. 

Have more questions? Feel free to contact us here.