Will Solar Panels Save Me Money?
Solar panels are an increasingly popular form of energy, and with good reason – for residences, businesses, and industrial facilities, installing solar energy systems can provide a number of benefits. And one of the prominent questions is: will solar save me money? With electricity costs varying by location and utility rates increasing annually, the answer is a resounding yes.
The cost of solar panels can range from $11,400 – $14,800 before installation or tax credits, depending on the system components you choose. Further cost decreases can be achieved through state or federal incentives which can cover up to 50% of installation costs and reduce your total cost.
Aside from cost savings, there are many other benefits to installing solar panels, including: environmental protection, increased energy efficiency, and lowered reliance on utility companies. Installing solar panels also increases the value of your property and provides greater energy security.
Will Solar Save Me Money?
When it comes to saving money, solar panels can be a sound investment. When used to generate electricity, solar panels provide clean and renewable energy for years with no additional cost for fuel. Over time, energy expenses are dramatically reduced as the panels produce electricity for longer periods of time.
The amount of money you can save on energy bills depends heavily on the cost of electricity in your area. For example, states like Hawaii and California may see greater savings due to the higher costs of electricity. Residents of these states could save between $20,000 and $50,000 over the 25 year life of the solar panel system.
How Long Will it Take to See Savings?
In general, you can begin to see a return on your investment within 1-3 years when installing solar panels. However, the time frame can be shorter or longer depending on the size of the solar system. A larger system may require more up-front cost but will yield greater savings over time.
Additionally, you may be able to recoup your initial costs within six years or less, again depending on the size of the system. The payback period can also be offset by incentives, such as tax credits, or utility period rate plans for energy produced.
Considerations Before Installing Solar Panels
When considering a solar panel system, there are several factors to take into account – such as the type of system you will be installing. Typically, you can choose between what is known as a “grid-connected” system, or an “off-grid” system.
A grid-connected system includes what are known as net-meters, which track the energy supplied to a home or other structure and send excess electricity back to the utility company, while off-grid systems produce enough energy to meet all the needs of the home or structure, requiring no connection to a utility company.
Regardless of which system you decide to use, maintenance for the solar energy system should be done seasonally in order to ensure maximum energy output and keep the system in good working order. The components of the system will require cleaning from dust and debris and certain adjustment may need to be made in order to maximize the panel’s exposure to the sun.
When asking “will solar save me money?” the answer is a resounding yes. Installing solar panels will not only reduce energy bills, but it will also help protect the environment, increase home or business value, and increase energy security. The cost savings are even greater in states with higher electricity costs, with the average home saving up to $75,000 over the 25 year life of the system.
When installing solar panels, it is important to take into account the different types of systems available and their respective maintenance requirements. With a solid solar panel system and proper maintenance, the long-term savings of an investment in solar energy can be tremendous.