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Homeowners Take Advantage of the Power and Go Solar

solar power panels

A few years ago, Jim Camasto thought about investing $20,000 in the stock market. But instead, Camasto, of Naperville, Ill., spent that money on a ‘greener’ investment—solar power.

Camasto has installed a solar thermal and solar electricity system on his roof, which helps heat and power his home.

His gas use has dropped more than 50%, and his electricity use has dropped about 70%. He sells extra power back to the electricity grid and sells renewable energy credits, which investors buy and trade to support renewable energy projects. His return on his investment is about 3-4% a year.

“Some people say that’s a slow return,” he said. “But I’m willing to bet utility costs are not going down in the next 10-15 years. There’s very little risk. I’m glad I made the investment.”

Although the price of solar panels is falling, the upfront costs of installing a solar power system can still be daunting. But many states have incentives designed to help finance renewable-energy
projects in addition to federal tax credits for up to 30% of the cost which are available.... Read more...

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