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With rising energy costs and temperatures, more and more people are looking to solar energy as a way to save on their electricity bills. But how much money does solar energy save and is it worth the investment? Let’s see.
Does Solar Panels Save Money
The point of solar panels is for your home to generate its own energy. This will then offset, if not eliminate, your electricity bills. If you have a higher electricity bill in general, you will probably benefit from switching to solar power.
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However, if your electricity bills are consistently lower, you may not see much of a need to go solar, as the costs may outweigh the benefits.
By reviewing your current and past electricity bills, you can begin to calculate whether solar energy would save you money in the long run.
Also note that electricity prices are variable. For example, the 2021 ice and snow storm in the southern states caused many electric bills to triple, if not quadruple, due to electricity needs. Of course, no one can expect such events to happen, but if you’re worried, solar power can alleviate those fears somewhat.
The second step in determining whether solar energy can save you money is to assess your exposure to sunlight.
How Much Can You Really Save With A Home Solar Power System?
See if you could save on your electricity bill by using a calculator that measures your potential savings (it’s a pretty cool tool!).
How much money does solar power save after upfront costs? This will also vary from home to home and state to state, but let’s take a look at the upfront cost of solar energy.
Of course, as with any home renovation or improvement, you’ll want to check out several companies in your area and get quotes. That doesn’t mean the cheapest option will be your best bet, but it’s still important to see what everyone has to offer.
In addition to getting multiple quotes, you’ll also need to figure out what your home really needs. For example, depending on your usage, you may need a larger system. Or, if your roof is a certain type, you may need different panels.
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When getting quotes, remember to listen to what you’re getting for the price. And don’t be afraid to ask questions and clarify what your home really needs to be self-sustaining.
And while it may save you money in the long run, it’s definitely an investment that needs to be recouped upfront. Therefore, you will also need to know and prepare for how you will pay for it if you find that accommodation would be beneficial.
Although paying cash would (most likely) be the best option, the cost of solar systems can be quite expensive. Solar power systems can cost upwards of $50,000. The average cost of a solar system (including installation) is around $20,000.
Since solar energy is expensive, it is also important to provide an adequate warranty for the system. And if you live in an area like Arizona, you’ll most likely need to have your panels professionally cleaned, which could be expensive (unless you get a maintenance plan for free).
How Much Money Will Solar Panels Save Me?
Planning for these costs will also make installation more expensive, but can save you a lot of money in the long run.
Finally, you will need to calculate any additional costs of items and accessories you may need. For example, if you live in an area with frequent thunderstorms, you may want to add a battery or backup generator to your pack.
These add-ons can cost upwards of $10,000, but they’ll keep you from running out of power or running up your electric bill. But will the extra cost be worth it?
Of course, installing solar energy isn’t just about cost. Let’s take a look at the benefits and how much money solar energy can save you!
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Do you live in a very sunny and warm area? Installing solar energy can increase the value of your home. If you plan to live in your home forever, the increase in value may not be worth it. However, if you plan to save money on bills right away and then make more money later by selling your home, this can be a great selling point.
While not necessarily a financial benefit, solar energy can help you feel better about your contribution to the betterment of the planet. Each kilowatt-hour of solar energy produced significantly reduces greenhouse gas emissions and can also reduce water consumption. So if you want to be more sustainable, solar energy can definitely help.
There are government programs that offer tax incentives, and some states also offer additional tax breaks. And some utility companies also give rebates for installing solar energy. With all these incentives, you could save thousands.
Although there is a federal tax credit, other deductions and rebates will depend on your state. Some offer cash backs, property tax exemptions, and some even waive certain installation fees. And every country is different, so don’t be afraid to find out what your country has to offer.
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Although this benefit is not available everywhere, you may be able to take advantage of it. Some utility companies offer net metering, where they store the extra solar energy your home generates. If you can store your solar energy, you can store it for months when you don’t see much sun.
This is one of the main reasons people go solar (besides the fact that it’s environmentally friendly) – it saves you some hard earned cash every month!
The biggest benefit of installing solar energy is that you can save hundreds of dollars on your electric bill. This is especially true if you purchase and install a system that gives you complete control over your home. Many people have been able to get their utility bills down to $0 per month.
Using this to my advantage would save my family about $200-$250 per month in electricity costs (and that’s about average if you live in an area with higher utility costs and a decent amount of sun).
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Add up the above monthly savings on an annual basis and you’d save about $2,500-$3,000 on your energy bills each year!
Add that up in just 10 years and the solar system would easily pay for itself. And if your bills are higher than mine, you might be able to save even more!
So how much money does solar energy save? As you can see, there are so many factors that will come into play. And how much you save will depend on what they offer you, where you live and what benefits you take advantage of.
Let’s say the average cost to set up a solar power system is $20,000. On average, you’ll save about $2,500 per year.
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Your upfront investment will be recouped within 8 years. It’s not terrible, but it’s not great either. In most business ventures, investors like to see a return on their initial investment within the first three years.
But if you like the idea of clean energy and are doing your part. PLUS, you’ve committed to staying in THIS home for the long haul, then it might still be worth your while to pull the trigger and add a solar power system to your home.
Kim Studdard is a project manager for online entrepreneurs and small businesses. When she’s not spending time with her daughter and husband or reading her growing pile of horror novels, you’ll find her working on her HR degree and working towards FIRE. Yes, we’ve said it before and we’ll say it again: Going solar will save you money forever. This is the simple truth. But how much money can you save if you buy solar panels? Although it varies from home owner to home owner, we’re happy to give you a rough estimate so you know what to expect.
Here’s how much homeowners currently pay for electricity: about $0.13 per kilowatt hour (kWh). The national average monthly kWh is around 900, and 10,800 kWh per year. So the average is at least $117 per month and $1,404 per year. Which generally doesn’t sound like much.
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However, this is only the national average. There are many areas where a kWh is more expensive than others. Hawaii costs the most at a whopping $0.30 per kWh. California (of course) and other states like Alaska, New Hampshire, Vermont, New York, Connecticut, Massachusetts, and even tiny Rhode Island averaged $0.15 to $0.20 per kWh last year. So in those states it costs at least $135 to $180 a month for electricity, while in Hawaii the monthly minimum is almost $300. And this is the lower limit of the monthly kWh consumption for most homes. That’s $1,620
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