Everyone wants to save money when it comes to electricity. The cost increases every year as people spend more on light, heat, and other areas in their homes. And guess what? There are many ways to bring down your electricity expenses. One of them is getting solar panels. Not only will it save you a lot of money, but it will also future-proof your energy needs.
Solar panels can decrease your electricity bills for a lifetime. You can start saving the moment you install a solar system. Solar panels absorb sunlight and use it to generate renewable energy. The energy is affordable. It’s a perfect alternative to electricity.
With that said, let’s take a look at the ways you can save money with solar panels.
How Much Can You Save?
If you’re curious to know how much money solar panels can save you, first, you need to calculate how much you’re spending on electricity every year.
For example, the average U.S. annual electricity usage per home is 11,000 kilowatt-hours (kWh). Then you multiply that to the national average electricity rate, which is $0.1301. You will know how much electricity you’re spending every year. Typically, every U.S. household spends roughly $1,430 per year on electricity.
Other Factors to Include to Save Money
There are many factors that influence how much you can save with solar power. Learning about them is important. It can help you understand the impact on your solar energy production and discover how quickly your investment in solar power will pay off.
The Cost to Install Solar Panels
When it comes to the cost of installing them, it can be a little pricey. Roughly, it can cost up to $13,142. It also depends on how many solar panels you want to install to generate electricity in your home.
If you invest them right now, just think about all the savings and return on investment you’ll earn in years to come.
Not to mention, the cost of solar panels and their upfront price can be compensated by the federal tax credit of up to 22%. So once you get them, it’s better to take advantage of the tax credit.
This type of tax credit was introduced to encourage people to invest in solar energy. You can claim it by filling out the correct IRS form. Besides the tax credit, solar panels are known to increase property values. If you plan to sell your home, installing solar panels will up your house’s market value. In the long run, solar panels can also bring in money.
Savings Vs. Costs
It’s also worth knowing how much power your home is using and the cost of solar installations. It’s best to calculate your electricity consumption first and compare it with the cost of solar installations. The key here is to recover your investment cost.
If you choose solar power with battery storage that generates more electricity than you need, you can always sell it back to the grid. But, make sure to do your calculations first before getting one with battery storage.
Low Maintenance Costs
Other than the inverter that requires changing after 10 to 15 years, the solar panels don’t need much maintenance. You only need to clean them a couple of times a year to keep them clean to enhance absorption of sunlight.
The majority of manufacturers offer between 20-25 years warranty against defects. In other words, there’s value in your purchase. You can be sure to spend very little money on repair and maintenance after installing the solar panels.
Solar panels are known to be resilient and durable. They can last 30 years and more. They are long-lasting in high-humidity conditions, heavy rainstorms, strong wind forces, and extreme cold and hot temperatures. In other words, you don’t have to worry about maintenance costs.
Is It Cost-effective?
One of the reasons many people choose solar power is the reliable power supply at a cheap cost. A lot of homes have solar panels installed on their rooftops to get the maximum energy.
During the summers, you find yourself using more power to keep the house cooler. The TV and computers are on for most of the day, while there are other appliances used throughout the day. All of these add up, especially when you’re using power from the grid. But with solar panels, you can get clean, green energy to power up your air conditioner, appliances, and other home gadgets.
The price of solar energy will never drop. Installing solar panels has become cheaper, and they provide long-term compensation benefits. It works for the long run.
You can save money and use that for other means as you reduce energy costs on your yearly electricity bill. A bonus point is you don’t have to worry about rising fossil fuel prices or the environmental impact of using fossil fuels. Last but not least, solar panels require little maintenance. The system and hardware last longer as well.