For decades, solar panels have been the gold standard for energy-efficient homes. Those homeowners who wanted to live greener lifestyles always aspired to install these systems on their roofs.
Now, however, solar panels have become popular for another reason. In recent years, people’s energy bills have soared to record highs. Recent news reports suggest that many people struggle to pay their utility bills.
You may remember that solar panels offer to eliminate your utilities bill in times like these. The question is, how true is this claim?
If that’s what you’re wondering, keep reading! We’ll discuss how much a solar installation can do to reduce your utility bill.
How Much Do Solar Panels Cost?
The first thing to examine is how much solar installation costs. The average price of solar panels falls anywhere from $15,000-$25,000.
Unless you’re doing very well financially, you probably can’t afford this system out of pocket. Instead, you’ll need to pay off your solar energy system for several years. The number of years depends on how much your solar panels cost.
Currently, the federal government offers a 26% tax credit on solar panel systems. Some states offer additional credits to make solar panels cheaper.
Also, different brands and solar installation teams charge varying rates for their products. For example, offers affordable rates for people all around the US.
How Much Energy Does a Solar Panel System Produce?
The next thing to consider is how much energy your solar panel system can produce. Once again, this varies depending on several factors.
One critical component in this is your location. Differing states have varying climates, some of which produce more solar energy than others.
For example, Florida receives an average of 237 sunny days each year. Some towns may even receive up to 267! In contrast, however, Washington state has an average of 165 days annually.
Your location and climate often affect the efficacy of your solar installation. So, consider these things when deciding if a solar panel system can help your household.
Calculate Your Utilities Bill Cost Each Year
So far, we’ve discussed how much solar panels cost and how effective they’d be for your house. Now, measure those factors against your utility bill cost.
Calculate how much your utility bills over the past few years have cost. Then, compare those figures to how much you’ll pay for your solar panels.
Most people can pay off their solar panel installation between 5-15 years. Since solar panels often last for twenty years or more, this means you can go years with no electric bill. Alternatively, you can have a drastically reduced bill.
When you consider the cost of utilities, remember that their rates often increase over the years. What you pay now could be a fraction of what you pay in ten years.
Find Your Best Solar Installation Today!
In most cases, solar energy can drastically reduce your utilities bill. However, each situation differs from others. So, find the solar installation that works best for your situation!
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