Inflation has taken its toll on everyone and we’re all looking for ways to save a buck.
We’re living in uncertain times and we can’t predict when the next catastrophe may strike; the only thing that we can control is how we can prepare for it now.
Similar to getting insurance, you need to think of the long-term game: what can you do today that can make a significant impact on your life, and finances tomorrow?
Here’s one thing that you may have heard of but haven’t considered yet as a long-term financial investment: going solar.
Aside from drawing your own electricity thru solar panels, you can also save a lot of money thru net metering.
Unfamiliar with the term ‘net metering’? Here’s a quick guide to get you started.
What is net metering?
Net metering gives solar users the power to sell the excess energy that their solar panels produce to utility companies.
More often, people presume that those who have gone solar are no longer getting electricity from the grid. Yes, there are those who live off the grid; but in most cases, solar panel users still live on the grid.
How does net metering work?
It’s actually a two-way street.
There are days that the energy that your solar panels produce may not be enough to power your household; in these instances, the grid will provide the supply.
On the other hand, when your solar panels produce too much energy, more than you may need, it will zap that excess energy to the local grid. That’s where net metering comes in.
For the likes of Dominion Energy, they’ll provide a two-way meter measuring device that will record how much energy you use and give to the grid.
If in the event that you produce a massive amount of energy that’s more than your monthly electricity usage, the credits from the energy you gave to the grid will roll over to the next bill cycle.
Will you still receive an electricity bill?
Yes!
While your solar panel aims to offset more than 90% of your electricity to save you from utility costs, it should be said that you’d still be charged monthly service charges
It covers expenses for meter reading, billing, equipment, and maintenance. But along with your electricity bill, you’ll also see how much you’ve saved with solar panels.
Needless to say, the only way that you can truly eliminate a monthly electricity bill is by living off the grid.
More good news!
Here in Virginia, the Clean Economy Act requires everyone to use clean energy by 2050! The law also targets that by 2030, 2,000 megawatts should be powered by solar.
With this law at hand, many people are more encouraged to go solar because big utility companies are directed to compensate for the electricity that they receive from households or commercial businesses that have gone solar.
Key Takeaway
Having solar panels installed in your home has so many benefits – chief among them is the money that you’re able to save once they’re installed and for the many years to come!
Add to that, net metering has provided an added opportunity for solar users to make a profit from their clean energy investment.
Overall, it’s a win-win for you and the environment.
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For a Solar PV consultation and to learn more about net metering, contact us today at (804) 452-7699.