Have you ever considered installing solar panels on your roof? Many homeowners are wary of doing so because of the upfront costs associated with this energy efficient home improvement project. But the upfront costs will soon be covered because of the money you save with solar panels. How? Here are four ways you can save money when you install solar panels:

Save money on electric bills.

Using solar panels instead of relying on a utility company can help you cut your electric bill by up to 50% per month. When your home has solar panels, energy from the sun will be used to power your electricity, except for when the sun is not present, such as during thunderstorms or at night. In these cases, regular electricity provided through your local utility company will be used as a backup. But remember, using power from the sun is free—so you will just have to pay for the electricity you use when the sun’s not out.

No maintenance required.

How many times have you had issues with your utility company? Have you had to pay for costly repairs or maintenance issues? With solar panels, you don’t have to worry about these expenses. Once installed, solar panels rarely have any issues that require maintenance or repairs, so think of it as a one-time fee for years and years of power. In fact, most solar panel companies have warranties or service contracts with homeowners that state they will come out and fix any issues that do arise at no cost to the homeowner. How many electric companies do you know of that offer these promises?

Tax credits.

Depending on where you live, you may be entitled to tax credits for making the environmentally-conscious decision to install solar panels. For example, the state of Maryland is one of many states that offers residents clean energy grants as well as Solar Renewable Energy Credits (SRECs) as an incentive for installing solar panels. But regardless of where you live, you could be eligible to receive a federal tax credit for your solar panels. The federal government will pay for up to 30% of your solar panel installation cost, making it far more affordable than you originally thought. Does your utility company ever put money back into your pocket? Didn’t think so!

Steady electric costs.

Utility companies rely on coal, oil and natural gas to power homes across the country. The cost of all three of these fossil fuels are vulnerable to fluctuating markets, so homeowners may notice rising electricity costs as the years go by. But when you install solar panels, you free yourself from having to worry about how much your electric company will charge you on a monthly basis. With solar panels, you are protecting yourself from having to deal with the rising electricity costs that will inevitably happen within the next few years.

So you see, even though installing solar panels requires a steep financial investment, this home upgrade will pay for itself in no time!