By now, you’ve probably heard a lot about how solar panels can save you money and reduce your carbon footprint. There is a good chance that you’ve already seen at least one of your neighbors install a solar panel system on their home. Maybe you feel a little guilty for not being as eco-friendly. But despite the pressure to join the solar bandwagon, you might still be wondering how much solar energy will save.
Since 2009, the cost of solar energy has significantly decreased while the prices of electricity have increased. These differences in energy costs have made solar power more accessible than ever before and a better reason to convert to this cleaner source of energy.
Below, we will give you an overview of what things will directly affect your potential savings from solar energy as well as how to get the most accurate costs and savings information for your home or business.
To begin, the amount of money you save will depend on these 4 factors:
When combined, all of these factors will determine that total cost of your savings. However, all calculations aside, one thing is for sure – switching from electricity to solar energy will save you money for years to come. But despite the benefits, many home and business owners are still unaware of programs that make switching to solar energy more affordable.
How much you’ll save from solar energy will depend on the following factors:
Homeowners and other property owners who currently pay high electric bills have the most to gain from solar energy. It will significantly increase energy efficiency and reduce your future cost of electricity. If you have a large family, a big home, or your business demands high energy output for certain appliances, solar energy could ease the burden.
Keep in mind that electrical rates do fluctuate and such fluctuations would have an effect on how much you save from solar energy. Similarly, any changes in your energy consumption could also offset how this amount. For example, if you replace any of your home appliances for more efficient ones, this would change your household’s total energy consumption.
Better exposure to sunlight means higher solar energy production. States like California and Arizona that average more sunlight per day can see better results from solar energy.
Your home’s relative position to the sun is another factor. How much shade your home receives and the type of roof that you have, all affect your solar energy system’s efficiency.
At first glance, you may be put off by the high cost of home solar panels. These systems can run well over $10,000. However, it’s a long term investment that will reduce your electricity consumption and give you a solid return. Also, don’t forget that the initial high cost of a solar energy system is before you apply any tax credits and other eligible incentives.
Once installed, solar energy systems require very little maintenance. They are designed to last decades with few minor upgrades in between.
To accurately calculate the difference between your current energy expenditure and potential savings from solar, consider your home’s current energy usage. The first place to start is by looking at your average monthly electrical bill. This amount will help you determine the type of system your home will need to generate enough power and the estimated savings you can expect to see over time.
A quick Google search for ‘solar calculators’ is a good way to get an estimated savings amount based on your region and the average cost of a utility bill in your area. While these are just estimates, online tools allow you to get a personalized assessment for potential savings instantly.
To get the most accurate cost information, the best way is to have a solar panel company provide you with a precise estimate. This information will give you a complete overview of upfront costs and more accurate reading for future savings. Solar panel companies are also very knowledgable about rebates and programs that are available to homeowners in their cities.
Visit your city government’s website and search for available incentives. Give them a call if you don’t find any information online. Most cities are offering incentives to home and business owners that are going green. Also, there are federal tax credit programs that give homeowners as much as 30% back for the cost of their solar energy system installation.
Whether it’s to save money, be environmentally friendly, or both, solar energy is a worthy long-term investment. Out of the many home improvement projects you can choose, installing solar panels ranks at the top of in terms of investment value.
Despite the logical conclusion to switch to solar, you might be inclined to call the first solar panel company you come across. However, be informed and compare pricing between companies. Look for a company that has an established portfolio of solar panel projects.
Most importantly, make sure they are clear and transparent with their pricing before you choose to spend a single penny. You should never feel pressured into agreeing. For this reason, Markey Electric and Solar offer free “no pressure” quotes for all of our residential and commercial customers.
Our initial estimates make it possible for homeowners to have complete, transparent, and accurate pricing before they decide to move forward with a project.
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