A lot of people wonder if solar energy is more affordable than fossil fuels.
New homeowners in Maryland particularly tend to investigate green energy options for their homes.
We here at Solaris Solar Solutions took the time to create an easy to understand comparison of solar energy vs fossil fuels, so you know which option is cheaper and why.
While this comparison does not include the cost of solar panel installation, remember that Maryland provides several solar energy tax incentives that help cut installation costs considerably. Research shows that these incentives have helped cut the overall cost of solar installation projects by 82% since 2010. And with Maryland’s potential ban on fossil fuels, it may be a good idea to hop on the solar energy train early on.
But if you’re still curious about cost comparison, we’ve got you covered. Let’s take a look at fossil fuels vs. solar energy and find out which option is cheaper.
Solar energy costs less per kilowatt-hour than fossil fuels.
Fossil fuel energy typically costs anywhere between 5 to 17 cents per kilowatt-hour. This has slowly risen over the years as we deplete non-renewable energy sources. However, solar energy typically only costs between 3 to 6 cents per kilowatt-hour. And the National Renewable Energy Laboratory shows that this cost is going down even further over time. Solaris Solar Solutions can create a customized quote for you so you can see how much you’d save by switching to solar energy.
If you make excess solar energy, you can sell it back to your local grid.
Most Maryland residents generate a lot of solar energy during the summertime. And oftentimes, they don’t use all of the energy they create. Homeowners have the option to sell excess solar energy back to their power company for credit towards their power bill. And with Maryland’s commitment to utilizing 50% of its energy from renewable energy sources, homeowners are able to save and make money back during the sunniest months. Fossil fuels do not have any options like this, so there are no additional savings to be made from traditional energy sources.
Maryland residents often get tax credits each year for utilizing solar energy.
The state of Maryland wants to reward businesses and homeowners that utilize solar energy, so they’ve created several great tax incentive programs. According to the Maryland Energy Association, “MEA may award a total of $750,000 in tax credit certificates during a given tax year… As of October 7, 2020, the program has $462,241.40 available for residential and commercial tax credit certificates.” So not only would you save money each month on energy bills, but you’d also save money at the end of the year with the solar tax incentive program. Keep in mind these incentives are on a first-come first-served basis.
Overall, while the nation is still heavily reliant on fossil fuels, solar energy is hands down the most affordable energy option out there. And Solaris Solar Solutions can help you review your energy needs and create a customized quote to show you how much you’d save during the year with solar energy.
Want to learn more about how you can save money and the planet with solar energy? Contact us today!