Installing solar panels is expensive, and some homeowners wonder if they save money. Over time, or even in the short term, solar panels will pay for themselves, saving you money. They are also environmentally friendly. Tax rebates and incentives should be considered when calculating the savings and costs of solar panels.
Solar Panels Can Save You a Lot of Money
Solar panels are a great investment. You’ve probably heard from your neighbors, online, or friends about the many benefits. The cost savings that are often mentioned are on the monthly electric bill. How much does the average household save by installing solar panels? To quantify the amount of money that an average homeowner can save by installing solar panels, it is necessary to know how much electricity they consume each year. In the United States, an average residential utility user consumes around 10,694 kWh per year. This is a monthly average of 877 kWh. Installing a solar panel system of the right size could help the average American household save $1,390.22 in annual energy costs. This is more than $115 in monthly savings.
How Soon Can I Expect to Save Money on My Energy Bills?
You may be able to save money on your energy bill the following month once your solar panels are fully functional. It can take several years to recover your initial investment. If you use the same national averages as in the above example and the household saves $1,390.22 per year on energy, then divide the cost of your initial investment by $1,390.22 and see how long it will take for it to be repaid. Once your initial investment is recouped, you will make a profit. This includes any maintenance and repair costs for the solar panel system.
This post was written by Daniel Massaad, owner and expert solar technician at Energy Solutions Direct! ESD is the top choice for solar panel installation Tampa! Our licensed and certified contractors are masters of their craft; with years of experience servicing the great Tampa Bay area and beyond, the choice is simple. ESD excels at offering you the best in solar value!