Switching to Solar: How Much Will I Save A Year?
When researching online, you will probably see varying claims about solar energy savings. They might seem sensible or maybe even far-fetched. It can be hard to figure out what is the truth. While switching to solar energy isn’t free as some companies may claim, it is an investment in the future. By harnessing the power of the sun, you can take back some of the money that you give to Big Energy each month. So the question is, how much will I save in a year with solar? Let’s take a look!
Solar energy is a bit more complicated than some companies may lead you to believe, as our roofs, utilities, and energy needs are different depending on where we live, what our house looks like, etc. Solar energy is like a puzzle, there are a few questions that you need to answer to turn solar panels into savings.
These questions might include:
- How sunny is your roof?
- How much energy does your family use on average?
- How many solar panels will fit on your roof?
- Does your utility company offer net metering?
- Are you looking for long-term savings?
Investing in solar is for people who are “future planners.” They see the long-term vision of what having solar panels entails.
If you live in a sunny place ( Hello, Florida!) your solar panels will likely offset your electricity usage pretty evenly. If your utility company offers net metering, then you are in a good place to save short-term (possibly significantly) on your utility bills. The biggest financial gains are a little farther down the line, about 8-12 years down the road. By them, you will have paid off your solar investment, but your electricity will be mostly covered each month. Sounds amazing right?
Stay energy-efficient: 4 tips to Make the Most of Your Home’s Solar
On average, a homeowner who has installed solar power can save between $600-800 or more a year. Over a 20 year span in Florida, you could be looking at savings of around $17,976. But of course, there are caveats to this estimation, as every roof and home is different.
Regardless of if you go solar or not, you will need to continue to pay your electricity payment every month, at least until you pay off your solar power system! Utility companies continue to raise their rates year after year which will make your costs increase as well. With solar, you can avoid these hikes in price and take control of your costs. Once your solar power system is paid off, you will be able to eliminate your electricity bill completely!
Here are a few factors to how much you can save with solar:
- Electricity rates: If your area has high electricity rates, your solar energy savings will be higher as you avoid utility energy usage.
- Local financial incentives: If your state or local government offers cash rebates, tax credits, or incentives you will be able to save more on your solar investment.
- Solar financing: Whether you purchase with cash, a solar loan such as PACE financing, or a solar lease, each has a different value proposition and long-term returns.
Harness the Power of the Sun: Install Solar Today!
Installing residential solar panels can be a big undertaking and one that shouldn’t be undertaken lightly. This is a big investment, but one with a huge turn on investment! Install the optimal system for your home with Solar Bear, and start reaping the benefits of solar power!
Increase your property value, lower your utility costs, and enjoy freedom from Big Energy! Investing in solar energy is a smart move to save money while shrinking your carbon footprint! Go solar with Solar Bear and contact us for a free estimate today!