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Save Money by Switching to Electric
Incentives, Savings, and Financial Advantages
What are the monetary benefits of electrification?
Transitioning to alternative energy sources and energy-efficient electric solutions represents a clear choice for homeowners mindful of their budget. Government incentives assist with initial expenses, and in the long run, these technologies offer various avenues for cost savings.
EVs: Clean Driving, Smart Savings.
Incentives & Refunds
Despite typically having a higher upfront cost compared to their gasoline counterparts, EVs are becoming increasingly affordable, aided by federal and state tax incentives. Under the Inflation Reduction Act, qualified households can benefit from federal incentives, including:​
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Up to $7,500 for new EVs meeting specific criteria
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Up to $4,000 for used EVs Additionally
EV owners may qualify for a federal tax credit when purchasing and installing home charging equipment. Many EV manufacturers cover part or all of the installation costs for their customers. Some states and local electric utility companies also offer additional incentives to offset charging installation expenses.
Moreover, utilities may provide rebates, grants, loans, and support services for home charging stations, along with special billing rates for EV charging, such as time-of-use (TOU) rates. These initiatives aim to incentivize homeowners to transition to EVs.
$800-$1000
Yearly savings on fuel when transitioning to EVs.
$6k to $10K
Reduced lifetime ownership expenses.
Reduced Fueling and Maintenance Expenses
Research indicates that internal combustion engine (ICE) vehicles are significantly more costly than comparable EVs, even for models that are five to seven years old. One reason for this is that electric motors are mechanically simpler than gas-powered engines, requiring fewer maintenance services.
With an EV, you won't need costly scheduled maintenance like oil changes or transmission flushes.
Additionally, EV owners benefit from lower fueling expenses. According to the Natural Resources Defense Council (NRDC), fueling an EV is cheaper because it operates on electricity rather than gasoline. When using a home charger, the typical EV owner can save approximately 60% on fueling costs compared to an equivalent gas-powered vehicle.
Using Sun Power to Cut Costs
Tap into the Saving of Solar Power
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Solar panels convert sunlight into electricity, providing homeowners with a virtually cost-free energy source. In regions with net metering programs, surplus electricity generated by panels can be sent back to the grid, allowing homeowners to earn credits on their electric bills.
Additionally, solar energy can be harnessed to heat water. Solar water heaters, or solar domestic hot water systems, capture and retain heat from the sun to warm the circulating water stored in insulated tanks.
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Is my roof suitable for Solar Panels?
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Homeowners who are unable to install solar panels can still enjoy the advantages of solar energy through participating in community solar projects. These initiatives enable homeowners to access the financial benefits of solar power without the need to install equipment on their own property.
Battery Storage - Energy On Demand
Storing energy for when you need it
A home battery storage system, also known as a power storage system or battery bank, provides homeowners with energy reliability and added financial benefits. These high-capacity rechargeable batteries, typically lithium-ion, store electricity sourced from the grid, solar panels, or bidirectional charging EVs.
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Homeowners gain flexibility in managing their energy usage, which can lead to reduced electricity expenses. Additionally, they may qualify for tax incentives and rebates for system installation and usage, potentially increasing property values.
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Certain states and utilities offer incentives for installing qualified battery storage systems, such as time-of-use rates that allow charging during off-peak hours. This stored energy can then be utilized during peak demand periods, helping homeowners avoid higher utility costs.
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