Switching to solar panels help reduce your carbon footprint, but it’s not cheap, at least not in the beginning. In the long run, however, it can save you a lot of money on your electricity bill.
Aside from the ROI you get a few years after installing your solar panels, the federal government gives you tax incentives to lower your installation cost. What you need to know is that many factors can help determine how much money you’ll save – your energy usage, the cost of electricity in your locality, and the size of your solar system.
So, how much money can you save from solar panels?
The point here is that you should spend less money after installing your solar panels than when you did when you paid for electricity.
On average, a homeowner in the US consumes 892 kilowatt-hours (kWh) of electricity every month. That’s 10,715 kilowatt-hours (kWh) every year.
When you multiply these numbers by $0.14 per kWh, the national average electricity rate, you’ll know that an American home pays $125 for electricity every month. That means that once you have your ROI from your solar panels, you and your family can save $1,500 of electricity every year.
How do you find out how much you can realistically save from solar panels?
Use our solar calculator available on this website. This online calculator allows you to enter certain variables and get accurate answers.
This calculator lets you know how much you can spend on installation based on location. You can also find out how big of a solar system you need to keep your house running and how much that particular size of solar system costs.
As a bonus, you can also check how much you can save in a lifetime using solar panels. Installing them costs 70% to 80% less than ten years ago. Plus, the government gives tax incentives to lessen your installation cost.
And solar panels don’t need much maintenance. They only require inspection and probably upgrades once every three or five years, making them a one-time, big-time investment.