There are over 1.4 million solar panels installed in the U.S. alone. The future looks bright for solar owners, residential or commercial.
But what if you’re on the fence about going solar? How much do you save with solar panels really?
That’s what we’re here to look at today. Read on to find out more about how much money solar can save you.
How Solar Panels Save You Money
So how do home solar panels save you money in the first place?
Think about it this way: installing solar panels is basically like turning your home into your own power plant. You generate your own energy and reduce the need for power grids.
By harnessing the sun’s energy and converting it to home power, you’re essentially becoming a self-sufficient source of energy. This reduces your reliance on local energy providers and makes energy cheap.
So How Much Do You Save With Solar Panels?
How much money you save ultimately depends on the cost of the energy you currently pay with your provider. It also depends on how much power your panels generate.
Geography can also play a slight factor in your savings as well. While you don’t necessarily need the glaring sun to get solar energy, direct exposure to sunlight is important and you might not get that depending on your location.
However, local electricity rates are the determining factor for how much you’ll save with solar panels. Go ahead and calculate how much you spend each year on your energy bills.
To set a benchmark, know that a typical U.S. household need about 10,000 kilowatt-hours each year. Multiplying that with the average cost per kilowatt-hour, which is about $0.13, you’re spending about $1,450 on just electricity.
Also, keep in mind that the cost of utilities can fluctuate from year to year. Energy providers adjust their rates depending on these trends, so that’ll affect your costs as well.
Cost of Going Solar
It’s no secret that solar panels don’t necessarily come cheap, but the good thing about them is that they essentially require a one-time investment. You just need a solid set of solar panels and a good installation team.
Blue Raven Solar is an excellent option for any South Carolina resident looking to install solar panels. Getting a contractor for this is crucial since you want minimal error when getting panels installed.
When asking yourself “how much do you save with solar panels,” don’t forget that there are plenty of incentives given out by the state, local, and federal government departments for getting solar panels.
Governments want more sustainability and are willing to reward you for going that path. This includes tax incentives that can lower your taxes each year.
Rebates for solar panel installation are also common in many municipalities. Leveraging these solar incentives will not only lower your energy and installation costs but also reduce your tax burden.
Remember that these incentives are active for as long as you use solar panels. As such, annual savings through solar incentives will help you save money for years, maybe even decades.
Leveraging Solar Power Savings
It’s no secret that solar panels can save you thousands of dollars each year. When asking yourself “how much do you save with solar panels,” use this guide to help you find that answer for your situation.
For more informative articles on home improvement and real estate topics, check out the rest of our site!