Payday Loans and Renewable Energy
With temperatures steadily declining, many of us are beginning to find solace in the fact that the monthly electric bill is weighing just a little less. The summer season sees a peak in the use of electricity, with the air conditioners and fans working overtime to provide melting citizens a little relief from the sweltering temperatures. However, the electric bill still remains one of the higher monthly costs in most households throughout the year. This and other utility bills represent a monthly challenge for many living paycheck to paycheck, and for this reason they are the largest contributor to payday loan withdrawals.
One way to lessen the strain of these monthly costs is to look towards renewable energy. More and more homeowners are turning to renewable sources of energy in order to help both the environment and their own pockets. Those who own their home may want to consider following suite. By installing solar panels, you can help to prepare for those times when money gets a little tight, giving you one less bill to worry about and one less reason to go to the payday loan lender.
One reason why people may be hesitant to have solar panels installed on their roof is the upfront cost of installation. Unfortunately this is not without warrant, as solar systems cost around $20,000 or more on average. While the prices of installing a solar system are steadily going down, they are still in the unaffordable range for most people. However, for those who can afford such costs, i.e. anyone who happens to come across $20,000 or so from an inheritance, tax return, lotto win, etc., there are several factors you may want to consider when deciding how to spend your newly acquired small fortune.
The federal government offers a 30 percent tax credit for new solar panel installations. This means that your net cost for installation can be as low as $14,000. Although this is still no amount of money to scoff at, you can use the initial amount of $20,000 to get a solar system installed and still have $6,000 to use for whatever you please.
Additionally, the aforementioned price of $20,000 is for the average home in America. Individual states offer specific incentives for switching to renewable energy. Because of this, states vary widely in the amount of money it costs for solar panel installation. Many states, including California, Delaware, and Maine offer solar systems for around $10,000, half the national average, and several others, like New York, New Jersey, Massachusetts, and Louisiana end up costing even less. In fact, the average cost of a solar system in Louisiana is only $3,500!
While these prices may still seem steep, they dwarf in comparison to the amount of money that can be saved in the long term. Switching to a solar panel electric system in California can save you over $35,000 in twenty years, more than triple the cost of installation. In Louisiana, the state with the lowest cost of installation, your twenty year savings could be as much as $15,315, more than four times the initial costs. This reduction in your monthly expenses can help to ensure that more of your paycheck goes into your own wallet, and help you to avoid taking out a payday loan to cover utility costs in those months when finances are unexpectedly tight.
About the Author
MyCashTime Online Cash Advances are not set up to be used for debt relief. They are small short term loans used to help with emergency costs when the next pay cycle is still a few days away. Visit http://www.mycashtime.com for more information about these cash advances.
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