Editor’s note: This is a transcript of the audio file.
Solar power in your home could reduce or eliminate your electric bill, but living off the grid comes at a high initial price. I’m Lucas Wysocki with your Bankrate.com Personal Finance Minute.
Whether you’re trying to save the environment or just cut your monthly power bill, going green on your electric is a great option, but homeowners face a hefty price tag.
2-kilowatt solar electric systems, which are on the smaller end and likely won’t eliminate your whole bill, start at 20-thousand dollars. Most houses need a much larger system.
Not only is there the cost, but space is an issue. Most residential houses require 22-solar panels which need to be mounted on 400 square feet of your roof. If you do intend to power your home with the sun, make sure to take advantage of federal tax credits and any state incentive programs that could knock the price down significantly.
You can also save by selling the excess energy you harvest to the power company for an energy credit. You can find a list of the incentives at the energy star website. For more information on going green and staying frugal, visit bankrate.com. I’m Lucas Wysocki.