In 2018, solar panels accounted for less than 2% of all energy produced in the US. Experts predict that by 2030, that percentage will jump to 20%.
It’s no secret that installing solar panels on your home is great for the environment. But did you know it can also be terrific for your wallet?
Saving money with solar panels might not be the first benefit that comes to mind, but it’s worth considering the numbers. If you’ve been considering buying solar panels, we’re here to talk you into it.
Just how much do you save with solar panels? Keep reading to find out!
How Much Do You Save With Solar Panels?
Why is there so much hype about solar energy, anyway? Are we talking a few dollars a month in savings, or are there significant financial incentives for making the switch to solar?
The exact amount you’ll save depends on a variety of factors (which we’ll get to in a moment). Nationwide, homeowners can expect to save between $10,000 and $30,000 over the lifetime of the solar panel system. In big cities like Boston or Los Angeles, that figure can climb as high as $50,000.
Think about what you could do with all that extra cash. You could buy a new car, put your child through college, or stockpile it towards a more comfortable retirement!
Installing Solar Panels: Factors to Consider
Home solar installation is starting to sound pretty good, right? After all, who couldn’t benefit from tens of thousands of dollars in energy savings?
To get an idea of how much you stand to save after installing solar panels, consider the following factors in your locale:
- Hours of sunlight per day
- Pitch and angle of your roof
- Weather patterns that affect sunlight
- Your current energy usage and average electricity bill
- Local rebates, tax credits, and subsidies
Keep in mind that states with cloudier climates (for example, Minnesota or Maine) often offer incentives for homeowners to install solar panels. This might include decoupling their electric utilities to make up for the lack of sunshine.
Meanwhile, sunnier states like Florida or Arizona often have poorer net metering policies and lower incentives. However, the 8-10 daily hours of sunshine means it’s easier to generate more energy from a smaller, less expensive system.
Either way, you can be sure your state has maximized your savings potential by considering all these different factors.
One last thing to note: Many homeowners are under the impression that their electric bill will “disappear” if they switch to solar panels. However, as long as your property remains connected to the grid, you will still receive an energy bill. The good news is that it will be a much lower price (or even zero), which is where you really start saving money with solar panels!
Start Saving Money With Solar Panels in 2021
So, how much do you save with solar panels? The exact percentage depends on a number of factors, but it’s safe to say that you’ll save tens of thousands of dollars over the lifespan of your solar panels.
What are you waiting for? Contact a local solar energy company in your area and start saving more money in 2021!
Was this article helpful to you? Keep browsing our site for more great home-related advice.