solar panel installation- how much can you really save with your PV system?

In general the value of electricity consumption of your PV system depends on how much you pay for electricity and how much your utility company will pay you for any excess power that you will be generating. In case of net metering and solar panel installation you have to pay the full retail price for your excess electricity and both you and your utility company will pay the same price for each others electricity.

You can also expect to get full retail value for excess electricity produced by your PV system on an annual basis. So please be sure to discuss these issues with your personal PV provider. You can very well request a written estimate of the average annual energy production from the PV system.

In reality the PV system produces most of their electricity during the middle of the day when residential electric loads tend to be small. Now if your utility company does not offer net metering then you should size your system to avoid generating electricity significantly beyond your actual needs.

Let me remind you that a solar rebate and other incentives can always reduce the cost of electricity. The cost of electricity depends on a number of factors like whether your home is under construction, whether PV is integrated into the roof or mounted on top of an existing roof.

The price of the system depends on the PV system ratings of the manufacturer, retailer and installer. Let me inform you that the size of your system may be the most significant factor in any measurement of costs versus benefits. So when it comes to financing the cost of purchasing and installing the PV system there are special programs which finance solar and other renewable energy.

In my opinion the best way to finance your PV system for home is through a mortgage loan. I am sure you are aware of the fact that mortgage financing option include primary mortgage along with a secondary mortgage. I prefer mortgage financing because they usually provide longer terms and lower interest rates than any other loans like conventional bank loans.

Again the interest paid on a mortgage loan is generally deductible on your federal taxes. Now if mortgage loan is not available then you should look for other source of financing like conventional bank loans. Try to seek the best possible combination or low rates and long term loans.

Only then you can buy your PV system as inexpensively as possible and now since your PV system is a long term investment the terms and conditions of your financing should be the most important factor in determining the ultimate price of your PV system. In my opinion a PV system should be installed by an appropriately licensed contractor.

Your solar panel installation installer should have an electrical contractor’s license and your local state electrical board can tell you whether a contractor has a valid electrician’s license.  Now if you want to know more about how to save money by installing PV system then please visit here.