Id you know that solar panel installation was boosted by almost 45% in 2020?
More and more Americans are realizing that the benefits of solar energy are worth the cost. There’s no denying that this type of technology is the way of the future. If you don’t have access to solar energy yet, then it’s time to consider a change.
Are you wondering if it’s worth the investment? Keep reading to learn all about how much solar power can save you every month.
Calculating Potential Savings
Since solar savings depend on a wide variety of factors, it’s not possible to give an exact number that would apply to every home across the board. For instance, the price can depend on your location, the type of solar panels you’ve decided to invest in, the tax incentives that are in effect, and much more.
The first step toward coming to an accurate estimate involves figuring out your current energy consumption costs. The average American home ends up using around 10,715 kilowatt-hours every year. However, it’s possible to use over 14,000 or even use a mere 6,400 each year.
If we focus on the national average and divide it by the number of months, then this comes out to a little under 900 kWh a month. Although the exact cost of electricity consumption can vary from state to state, the average is about $0.15 for every kilowatt used.
With this in mind, you could end up saving around $135 a month. That amounts to a solid $1,620 in annual savings.
Are you wondering how you can save even more money with your solar investment? One way is by getting larger solar panels. The more energy you can produce in one go, the better.
It’s possible to get a solar system that’s large enough to power your entire home’s needs regularly and also create energy to spare. This energy can turn into solar credits that save you even more money over time.
Other Calculations to Remember
As you calculate your exact solar panel savings potential, it’s important to keep in mind the cost of the panels and the installation. The exact cost will depend on plenty of factors as well, such as the provider you choose and the possibility of rebates, among others.
It’s possible to get a rebate from your state government, your employer, or elsewhere. You may even have the option of accumulating solar credits that can translate to more dollars in your wallet.
While it’s possible to start seeing savings after the first month of getting the solar panels installed, this isn’t always the case. Don’t be surprised if it takes several months or longer for your investment to start paying off. Patience is key because, with enough time, there’s no question you’ll start bringing in extra money that could be put toward other financial responsibilities.
Once you’ve calculated your gross savings, you can find out how long it’ll take to reach that number when you take the cost of the initial investment and divide the savings amount by it. Sometimes it can take almost a decade to see a return on your investment but it’s important to remember the bigger picture. Since solar panels last so long, even a decade can feel like a drop in the bucket.
Plus, there are other benefits to solar panels beyond the savings, such as a reduced carbon footprint, energy independence, and much more. By making a difference in your family’s life and the life of the planet, you can feel proud every single day.
Any home that comes with solar panels is going to be worth more than a house that hasn’t been equipped with such modern technology yet. With the housing market as competitive as it is, this kind of headstart can make all the difference. Homes are some of life’s biggest assets so it pays to invest in them with a long-term value accruement in mind.
Don’t forget that the longer you have your solar panels, the more you can save. Solar panels can already last decades if you take care of them with proper maintenance. As the tech continues to improve, they’ll not only last long but they’ll also perform with higher efficiency.
Aside from the reduction or total elimination of your electricity bill, you can also rest easy knowing that solar panels are often less expensive to maintain than other electrical equipment. You don’t have to clean the panels more than several times a year. As for the inverter, that can last as long as a decade.
Plus, most solar panel manufacturers offer a warranty that ranges from two decades to a whopping 25 years. This can keep you from shelling out extra money if one or more parts break down on you.
Although the chain of reaction is not as direct as savings in your bank, the environmental effect is worth emphasizing. By reducing harmful emissions in the air, you can nurture a healthier environment for yourself and your loved ones. Fewer medical bills can also make a big difference, especially in the United States.
Are You Ready to Switch to Solar Power?
Now that you’ve learned all about how much solar power can save you every month, you can make the switch as soon as possible. Don’t forget to tell your friends and family members how solar power can save them money regularly as well.
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