The short answer here is that solar energy is an excellent investment. By investing in residential solar panels, you stand to save tens of thousands of dollars in your home’s energy bills.
While there is an upfront cost to installing solar panels, this is offset by the 26% federal solar tax credit. It’s also worth remembering that today’s installation costs are 70% lower than a decade ago.
If you are considering investing in solar energy, then this blog post is for you. Here, we will highlight the average solar savings from switching to solar energy and other key benefits.
How Much Can I Save With Solar Energy?
This answer is less straightforward, as several factors must be determined. These include the location of your property, the number of solar panels you install, your current energy usage, and the type of solar panel system you purchase.
As an example, let’s look at Charleston in South Carolina, where the average monthly electric bill is almost $150. The recommended solar system size here is 9.25 kW, which would reduce the monthly electric bill to just $18 according to SolarReviews. The 25-year net savings (which is the total savings minus the installation cost) is $37,213.
With proper care and maintenance, a solar panel system (especially a Tier 1 system) can last significantly longer than 25 years, even over 40 years. Making the switch to solar energy helps to reduce your home’s dependence on the main grid and avoid rising electricity costs.
Now is the most opportune time to install solar panels on your property. The federal solar tax credit, currently at 26%, is due to drop to 22% in 2023 and it expires at the end of next year (unless renewed).
What Are the Other Benefits of Solar Energy?
As we saw, the primary benefit of switching to solar energy is the large cost savings on electricity bills. The most important benefit of solar energy is energy production cost and maintenance costs are mainly zero. However, that is just the start.
There is also an obvious environmental benefit, as solar panels are a clean, renewable, and abundant energy source. They do not produce greenhouse gases, in stark contrast to fossil fuels such as coal, oil, and natural gas.
Losses all through shipping and distribution of electricity boom with the gap among the manufacturing and deliver points. Although those losses aren’t very large, they do have an effect on the overall performance of the setup in densely populated areas.
If you have an electric car, it will pair excellently with solar panels. Charging an electric car with at-home solar panels is more cost-effective than public charging stations or drawing electricity from the grid.
Click here to find professional solar installation near you for great solar system savings.
Discover Solar Savings for Yourself
As this article highlights, solar panel savings can run into the tens of thousands for smart homeowners. Switching to solar energy not only makes sense for smart solar savings. But it also helps to protect the environment and reduce our collective dependence on fossil fuels.
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