So you want to switch to solar but aren’t sure if you will save on your energy bills or not? The question is not if you will save money on your energy bills by moving to solar but rather how much, precisely? Well, the amount you will save depends on an array of factors like your residential location, your current electricity bill, your roof as well as the size of the solar system you want to install.
Your Location Matters
Recently, the NC Clean Energy Technology Center researched the 50 largest cities of the US, and ranked them on the best city to invest in solar. According to the study, homeowners who invested in a 5 Kilowatt solar panel saved between $44 and $187 per month in the first year of installing the system. As to how much you can save depends on your location and house type. The best way to determine precisely how much you will save by installing a solar system is to get quote from reputable installers.
Solar is great long-term investment
Going by the data released by the Energy Department, switching to solar can save you significant amount of money in the long haul in 45 out of 51 states of the US. And as a California homeowner, be sure of saving as much as 10% of your monthly power bills for 25 years. This is significant saving, especially if you consider that the same amount invested in US treasury Bonds over 30 years will only give you a return of 4%.
Irrespective of whether you own a business or home in California, electric expenses can form a significant portion of your total budget. If your monthly bill averages $100 per month, it means you are paying $1200 per year. Over a span of 20 years, you will have spent $24,000 on power bills. These numbers do not take into account increases in electric prices which have been growing between 2.5%-7% in the last 20 years.
Having a solar system installed at your California home can take you out of this vicious cycle. It can either reduce your electricity bills so dramatically as to make them insignificant or even completely eliminate them. The actual amount of money you will save depends on factors such as the energy produced by your system and even the amount of energy you consume. However, the biggest factor that determines what you will save is the amount of money you would be paying if you got your electricity from your utility company. The amounts of money you save equal the costs you avoid by switching to solar. Therefore, if electricity rates are high in your location, you will be saving more. And because the prices of electricity are tend to keep on rising every year, you will continue to realize bigger savings every year.
You get the biggest savings when you buy vs leasing
The greatest savings on solar are seen when you purchase your system in cash. You can even borrow and pay upfront for the solar system. This way, you save much more than leasing or renting the power it produces. You also avoid the problem of trying to transfer your solar system lease if you choose to sell your home. When you buy your system outright, it factors into your property value. This is not true when leasing. At Increase Clean Energy, we almost always enable our customers to own their panels at lower payments than leasing anyway, so owning just makes more sense all around.
If you are considering going solar, you will realize incredible savings in the long haul. Your first step is to contact us today for a home energy analysis. We will come out to your property and take careful measurements that will give you accurate numbers for your home. Based on the efficiency of your home, we can recommend the amount of panels you will need to meet your expectations.