solar panel meaning-all you need to know about solar energy for homes.

Now before purchasing a solar electric system for your home I would advice you that you should try some energy saving strategies to help lower your electricity bills so that you get the most out of your existing system. Let me inform you that solar panel meaning the US department of Energy has provided an online consumer guide that includes energy efficiency and cost saving measures for your home.

I am sure you are aware of the fact that solar electric systems cost an average of $8 to $10 per watt installed however there is a new technology which is bringing down the cost every year. To reduce the cost altogether federal and states incentives are given to consumers in the form of tax credits and rebates for the purchase of solar electric system.

I personally know some vendors who are selling the system at after rebate prices by completing all the paper work themselves.  Consumers are given numerous incentives for buying a solar electric system in the form of federal tax credits, state tax credits, utility rebates, and property tax credits in some states.
These days most states have net metering laws that require utility companies to provide homeowners credit for excess power produced by the solar electric system purchased by them. In reality the local utility company offers credit for every kilowatt hours of solar power not consumed by homes and this reduces the electricity bill by the same amount.

The new meter essentially spins backwards when excess power is produces and this is how homeowners receive credit at higher rates during summers when their systems are producing the most power and at lower rates in the winter season when the solar energy system is not producing as much solar energy.

Now if you don’t have the money to purchase the solar power system outright then you can very well consider financing the system. These days there are several resources available for financing a solar electric system and this includes home finance, first mortgages, banks which are ready to finance for less then prime rates, construction loans, and home equity loans.

I personally know some solar vendors who finance the system themselves and let me remind you that mortgage loans and home equity loans offer several advantages like longer term lower interest rates than conventional bank loans along with tax deductible interest.

In addition if you are opting for a refinance by adding the solar electric system to a loan at the same time then it will reduce paperwork and will simplify the purchase. Again other benefits of financing the cost of solar electric system are a low monthly payment on the system.

Now I am sure you are thinking about buying a solar electric system, if so then this article has provided some basic information that can really help you to buy the solar electric system. Now if you want some more information about solar panel meaning and solar electric system then please visit here.