Energy conservation is on the minds of people today. There are a lot of trendy ways to save energy. Solar panels have been around for many years. They are a proven way to create energy and save money.
Still, some wonder if solar is worth it. A good way to answer that question is to look at the cost versus the value of solar panels.
Something that is undeniable is that you will save money on your electric bill using solar panels. Solar panels might create sufficient energy to power your entire home and could even create enough electricity for you to sell some of it back to the utility company.
How Much Money Do You Save Using Solar Panels?
To determine how much money you can save by using solar energy, you first need to know how much you are spending on electricity annually. On average, homes in the United States use 11,000 kWh. Nationally, the average electric rate is about 13 cents per kilowatt hour. This means that most homes spend around $1,400 each year just on electricity.
The next question is, how much does solar cost to install? On average, it costs around $13,000 to install a solar system. Of course, this cost is going to fluctuate, depending on the number of solar panels you need to power your home. However, according to Unbound Solar, “Panels come in a broad range of sizes, from tiny 5W panels up to 400W+ premium offerings. Evaluating cost-per-watt allows you to compare panels on a level playing field.”
When determining the cost of installing a solar system, you also have to think about federal tax credits, which can be up to 22 percent. This tax credit encourages more people to invest in solar energy.
Installing solar panels can increase the value of your property. Theoretically, the equity of your home could increase by installing solar panels.
Most people can pay off their solar panels in eight years by simply using the money they save every month on electricity. Since solar panels can last for up to 35 years, this means that homeowners could receive up to two decades of free electricity. Over the course of 20 years, homeowners can save around $28,000 on electricity. Clearly, solar panels can save you money.
Are Solar Panels Reliable?
Solar panels save money because they are reliable. Unless there is external damage, solar panels are virtually maintenance-free.
Good solar panels can convert 22 percent of their available energy in to electricity. This is a phenomenal number when you think about how much you pay for energy each month.
Besides creating electricity, a solar panel can heat your pool water. You can enjoy warm pool water without paying more money for electricity and without doing damage to the environment.
Solar panels are popular because they can save homeowners money. You will quickly get a return on your investment. You will eventually earn money every year from solar panels. Solar panels can lower your tax bill and utility bill. Solar panels can sometimes generate additional income for your family.
The price of electricity will not drop. Investing in solar energy is a good move since it offers long-term ROI.