Solar panels aren’t only good for the environment, they are good for
your wallet too! Over the lifetime of a solar panel system, customers
can save anywhere from $10,000 to $30,000.
Savings vary based on factors such as location, usage trends, and the solar system you use. The most important savings factor is the price you pay for electricity.
Points to Consider
• Solar panels can sometimes cost money upfront, however, in the long term you will save money on electric bills
•The higher the local electricity prices are the higher the potential
solar savings
•The average home can save between $10,00 to $30,00 with solar
power
Will Solar Really Save Me Money?
Yes! How much money you’ll save depends on several factors. The
amount of direct sunlight your system receives, the range, and the angle of your panels all play important roles in your savings. At Rooftop Power we have engineers and highly-trained solar design professionals to ensure your system produces the most it can for your home.
The most important factor in determining savings is the electricity
rates in your area. The more that electricity costs, the more that
you can offset it by producing more energy through your solar panels.
Will I Still Have An Electric Bill With Solar?
You will still have an electricity bill after installing a solar power
system. However, the bill may not require payment but rather show
how the usage was offset by net metering credits that month.
When you provide more electricity than you use these unused bill
credits roll over into the next month. Solar panels will lower the
monthly electric bill or in some cases eliminate it.
How Much Does Solar Save You?
To understand how much solar can save you, it’s important to calculate how much you spend on electricity every year. The average energy use for a U.S household is 10,649 kilowatt-hours (kWh). If you multiply the kWh by the national average electricity rate as of October 2021, $0.1411 per kWh, it comes out to be $1,500 spent yearly on electricity.
The nature of electricity prices need to be considered as well. When
thinking about utility electricity rates it’s important to keep in mind
that we can expect these rates to rise over time. Rates have risen
around 1.3% every year over the past ten years. When you generate
your own solar energy you are locking in your energy costs at a
constant rate.
How Much Can Solar Panels Reduce Your Carbon Footprint?
Financial returns are a major incentive for leveraging renewable
energy, but money isn’t the only thing that solar saves. Solar improves the environment and reduces greenhouse gas emissions. That’s why the question “How much can solar panels save?” can be answered in two ways: how much money solar power can save and how much CO2 it can save.
A point to think about carbon emissions is that a typical vehicle emits 4.7 metric tons of carbon dioxide every year. This means that a 6 kW (6,000 watts) solar panel system comfortably offsets the emissions produced by one fossil fuel automobile in a year. In addition to significant bill savings, a solar system comes with the satisfaction of “taking a car off the road,” so to speak.