Depending on where you live, the size and shape of your roof, and your existing electric bill, solar panels could save you a heap on your energy costs. Some states and home locations are, obviously, sunnier than others. But, all homes can benefit from solar power, even after dark or homes surrounded by trees and shrubbery (when your home will run of stored power generated during the day). Talking with a certified installer is the only way to know for sure. Although, it’s practically guaranteed that you’ll see cost reductions in the first month.
Natural Source of Energy
The most obvious cost-saving benefit of solar power is that it’s a naturally occurring source of energy. It doesn’t cost anything to manufacture, so it is by default cheaper than other energy sources. The panels commonly installed on home and office roofs convert anywhere between 15 and 18 percent of the sun’s light into energy, which doesn’t sound like a lot, but it is when you consider that not even one percent costs a penny. Of course, a fairly new idea is solar companies leasing roof space from homeowners and then turning around and selling the energy collected back to the homeowner at a price much lower than normal electricity.
Advancements in the development of solar power systems for your home continue to make them a more affordable choice. For nearly twenty years, the price of solar panels has fallen drastically, making them a smart choice, especially in cases of brand new installations. An average price for solar panel installation is around $10,000 (just an estimate, remember?), but your home will reap the long-term benefits as long as it stands. The lifespan of solar panels has been cultivated to be anywhere from 25 to 40 years. There is virtually no upkeep, either.
Not only will solar panels save homeowners money monthly on energy bills, but they will also save money in lump sums since some states offer tax breaks. You can save up to 30 percent – or monetary incentives for people willing to switch to solar systems. There is even a program, the power purchase agreement, which lets homeowners implement total-home solar power systems with no down payment, making the change even more affordable.
Lower Your Electric Bills
Over time, in certain states homeowners can reduce monthly power bills by one-fourth. Homes in other states may not see quite that much of a cut, but ten percent off every month for a lifetime isn’t too bad, either! In any event, solar power saves money. Keep in mind, too, that current electrical prices are, by no means, locked in. Just because you’re fine with your electrical bill now, don’t be surprised when it inflates by 3, 5 or even 10 percent in the coming years.
Besides bills, solar panels can save homeowners money in other ways, too. For example, installing a solar system increases the value of a home. So, when it comes time to sell, the home could appreciate in value 10% more in the same amount of time. Additionally, the home will sell twice as fast as it would have before having the system installed.