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Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service.
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.
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