Real Deal: How to save on energy by going solar

News 12’s partners at Investopedia broke down the increase in the cost of living when it comes to energy prices.

News 12 Staff

Apr 28, 2023, 11:52 AM

Updated 363 days ago

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Energy costs are up and many are looking at ways to save money on bills.
News 12’s Kristie Reeter has the Real Deal on going solar.
Alex Giles is one of the founders of Venture Solar and they have been busy.
"With COVID and inflation and people's cost of living going up a lot, that's been a big driver of it. The cost of solar has also come down at the same time so it is sort of this confluence of events, that made it lower cost to install and more expensive to not have solar on the roof," says Giles.
News 12’s partners at Investopedia broke down the increase in the cost of living when it comes to energy prices.
Caleb Silver of Investopedia says “Electricity prices are one aspect of inflation that just keeps rising month after month. They are up 17% in just the past three years in New York, so the average household is paying around $110 a month for electricity costs."
So how can solar help you save?
"Most people are either financing or leasing the system and that monthly payment is going to replace the cost for the electricity they currently are purchasing and the payment is cheaper from a day one basis," says Giles.
However, many companies are charging interest if you opt for a payment plan. Another option would be to buy the panels up front.
Other things to consider is how many panels can fit on your roof and if your home qualifies.
"Not everybody gets 100% of their power from their roof, but so that's part of our process, we look at how much power you are using today and then figure out how much we can offset," says Giles.
The consultation is free and there are tax credits in New York for going solar.


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