How Much Do Solar Panels Lower Electricity Bill?
Homeowners looking for ways to save money on their electricity bills often turn to solar panels to supplement or even provide all their home's electricity. Solar panels aren't free, but sunshine is! By investing in solar panels, you can reduce your home's energy bill and save money over many years. This makes solar power an excellent investment for many homeowners.
As you consider solar panels for your home, it's helpful to find out how much your solar panels will save you. After all, energy savings should be considered when you're trying to decide if solar panels are worth the cost.
How much will you save with solar panels?
Typical solar panels last about 30 years. In that time, they can save the average homeowner 30% on their energy bills! Just how much you'll save on your energy bills will depend on variables like, how large and efficient your system is, how much of your energy needs your system covers and a few other factors.
How can you estimate how much you'll save?
To determine how much you'll save by installing a solar system on your home, start by calculating how much you spend on energy annually. To get solar panels installed on your home, you'll need to gather all of your utility bills from the last year anyway, so get started now to find out how much you spent on energy last year. A typical family can spend anywhere from $1,500 - $3,000 on energy bills every year, or more depending on what state they live in, what size their house is and more.
Don't forget that when you draw your electricity from the electrical grid, the cost of energy increases with every year. Electricity prices have gone up 15.8% over the past year. When you sign up for solar power, you won't be paying for those increases. You'll pay for your energy costs at a lower, fixed rate.
Once you know how much you pay for electricity and how much energy your home uses, next you need to find out how much energy your solar system will be producing - and if that's enough to meet your entire electrical demand.
To know this, you'll need to speak with a solar panel expert from Zuva Energy Group. Your installer will come to your home and assess your electrical needs. They'll design a solar system for your home, and will be able to tell you how much of your electrical needs your solar system will cover. You'll be able to use this information to determine how much you'll save on your electricity bills.
Will you still get electric bills when you have a solar system?
The direct answer is yes, you will still get utility bills when you have solar, because your home will still be connected to the electrical grid. However, if your solar system is sized correctly and covers all of your electricity needs, you may not owe money to your utility company.
Keep in mind that your solar panels can't generate electricity at night, so very likely you will continue to need electricity from the power grid in the evening. However, in some states, homeowners can sell extra electricity back to their electric company for credits on their utility bill. This happens through something called “Net metering”, meaning the extra solar power generated by their system is credited back to the homeowner and can offset the home’s electricity usage at night.
Home value: another "savings" to take into consideration.
The reduction in your electrical bill is not the only savings that you should take into consideration when you're trying to decide whether a solar system is worth the cost. Another savings that you should consider is the impact to the value of your home.
When the time comes to sell your home, it may be worth a lot more than it was when you purchased it. Solar systems can increase your home's value by around 4.1%. Even if you don't stay in your home for the full duration of your solar panels' service life, you can still enjoy a considerable ROI!
