Electricity costs are on the rise. This makes using solar panels a simple decision for homeowners. However, some wonder about the true cost of using solar panels. They feel concerned that the money they invest will be more than what they save.
According to various solar energy experts, a solar panel system costs between $15,000 and $25,000 on average. Most states and cities offer financial incentives for installing solar panels in addition to the incentives offered by the federal government. Therefore, For the installation of solar panels, you can hire the best solar panel companies from San Diego as they provide flexible financing options, leading system technology, and faster timelines.
Your location affects energy rates and the amount you will save each month by going solar. On average, solar can save $0.13 per kilowatt hour. The first step in determining how much you will save with solar panels is determining how much you spend each month on electricity.
Look at Your Electric Bill
Solar panels can reduce your utility bill. Sometimes it can eliminate your utility bill altogether. The higher your bill is, the more likely you will save money by installing solar panels from riverside.
When you look at your electric bill, you will notice that the rates and usage fluctuate. This same fluctuation will be reflected in the amount of money you save from month-to-month and year-to-year. Your personal electric needs may change. For example, if you are working at home or if your kids are attending school from home, the amount of money you can potentially save may increase.
Look at Your Sun Exposure
More sun equals more energy produced. States like California and Arizona have more sunlight hours each day than other states. Residents in those states could potentially generate a higher amount of electricity.
The orientation of your home affects its sun exposure. If your home faces the sun and there is minimal shade, you will see more electricity production.
Calculate the Cost
Solar panels for homes use will vary in cost, depending on the quality of the panels and the state where you purchase the panels. On average, a residential 5kW size system will cost between three and five dollars per watt. This brings you to the $15,000 to $25,000 range. Remember, this price is before applying tax credits or incentives.
Low maintenance costs offset the upfront expense of buying solar systems. Manufacturers design solar panels to last for 20 years or more. They require little to no maintenance.
You can determine how much you will save each month by calculating your average usage and multiplying that by the kilowatt per hour charge in your area. Multiply that number by 12, and again by 20. This will tell you how much you would pay for electricity over the course of 20 years. Compare that 20 year number with the cost of installation. You may feel surprised by how much you save.
Solar panels work by harvesting energy from the sun. That energy is used for heating or producing electricity. Many people are able to drastically lower or eliminate their electric bill by installing solar panels. This makes solar energy one of the most cost-effective forms of energy available.
