Solar savings are a major reason why homeowners prefer to get solar panels for their homes. When it comes to saving money, it is obvious that residential solar panels are an excellent long-term investment. Indeed, the International Energy Agency pronounced solar power to be the “cheapest electricity in history.” There are now various incentives available to assist households like you adopt solar and save money. That implies that switching to solar will result in considerable savings throughout the life of your panels.
There are several reasons to buy solar panels. We will go through some of the most essential reasons why people are moving to residential solar energy: growth, lower pricing, savings, and sustainability.
Solar panels have gained in popularity during the previous decade. According to the SEIA, solar has grown at a 42 percent yearly pace in the United States.
Furthermore, solar power increased by 37% in 2020 alone.
Solar has also reduced in price over the previous decade, by more than 70% according to SEIA, allowing the sector to grow into new markets and deploy thousands of systems nationally.
Concern about our planet’s resources is one of the key causes for the huge expansion of solar in the previous decade. The supply of fossil fuel energy is depleting, and the climate is deteriorating. Government environmental regulations have declared a target of 100 percent clean renewable energy by 2035, with solar energy playing a significant role in attaining this objective.
Aside from all of these advantages, homeowners who possess a solar system may save a significant amount of money on their energy bills. How much money can you save by installing solar panels on your home? That is exactly what we are about to do.
“How much do solar panels save?” is one of the first things first-time solar homeowners ask. To begin with, solar power protects against excessive energy rates and continually growing electricity bills. A solar professional will provide you with a customized solar savings estimate during your free consultation based on your optimum solar power system size, monthly energy use, appliance electricity usage, and the kilowatt-hours (kw or kWh) you’ll wish to produce.
There are several areas where solar savings may benefit your financial line, including extra electricity and property value. Solar panels not only save you money on your energy bills, but solar incentives such as the solar federal tax credit, net metering schemes, and federal, state, and utility rebates make the initial choice to go solar simple and reasonable.
Let’s start with a disclaimer: only a Solar Specialist can correctly estimate how much you can save with solar panels.
However, as a point of reference, we’ll go through an ordinary situation for a homeowner in the United States.
Calculating Solar Power Savings
In terms of solar panel savings, you may estimate how much you will save by knowing how much you presently pay in energy expenditures.
The average power rate in the United States is 13.19 cents per kilowatt hour (kWh) (as of February 2021).
The average yearly power use for homes is 10,649 kilowatt hours (kWh), or around 877 kWh per month, according to the EIA.
If you do the mathematics, that amounts to almost $1384 in annual electricity expenses.
That is, if you construct a solar system that covers the amount of electricity your home needs and add a solar battery for energy storage, you may be able to avoid paying for energy for the whole life of your solar energy system.