5 Smart Ways to Cut Your Utility Bills

4. Go Solar

Using solar panels lets homeowners produce their own power instead of relying on the electricity being supplied by a utility company. The installation and usage of solar panels signifies that the sunlight would produce electricity for the house as well as charge the batteries attached to the panels. The charged batteries power the house during the time when the sun is not present, such as during the night or during cloudy days. Although installing sufficient solar panels to power the whole house means that homeowners could even cancel their account with the power supply company, it is a good idea for the company’s electricity to be available in case backup is required. As electricity derived from solar energy is completely free, using solar panels could help cut the electric bill by up to 90%. However, solar panels are expensive, and their installation requires professional help.

Yet, many states in the US even offer monetary incentives to residents that install solar panels in the form of clean energy grants and Solar Renewable Energy Credits (SRECs) which could even exceed $300. Thereby, installing solar panels not only reduces utility bills but also brings in financial gain. Moreover, federal tax credits are also applied for solar paneling; homeowners are entitled to a maximum of 30% of the solar panel installation cost from the federal government. After they are installed, solar panels rarely require any maintenance or repairs, making the initial cost a one-time investment. Most solar paneling companies, such as Brookfield Renewable (NYSE: BEP) offer warranties or service contracts to the homeowners according to which the company must fix any issues that arise without any additional cost.