What Are the Financial Benefits of Home Solar Energy?
If you are looking for a way to cut your monthly expenses, solar is a great place to start. Going solar can make a significantly positive impact on your monthly expenses while allowing you to invest in renewable energy for your home, family, and future.
What Can You Save by Going Solar? Excellent Question
There are a few different factors that should be taken into consideration when determining the financial benefits of solar energy, such as how much energy your home consumes compared to how much energy the solar system will produce? One, if not the most important factor, how much money will you be paying for your solar panels that you would otherwise be paying your utility company?
The overall significant benefit tied to going solar is that you can substantially reduce & nearly eliminate your electric bill.
Let’s Do Some Solar Math
Take an average monthly electric bill of $200. That $200 over the course of 12 months becomes $2,400 per year. Over 20 years, you’ve paid $48,000 in utilities, and that’s not even taking electricity rate increases in to account.
Now, imagine that you eliminate that utility cost by converting to solar energy.
Instead of paying $200/month to virtually rent your electric from your local utility company, you now pay towards owning your solar panel system outright. In almost all cases, your monthly payment becomes less than your previous electric bill.
Let’s say you pay $150/month towards the cost of your solar panel system. That’s $1,800 per year, and over 20 years you have now saved $12,000 compared to what you would have spent with a utility bill.
Here’s the best part, once you have paid for your solar panel system, your payments stop completely saving you thousands per year!
Beyond the Solar Savings
Understanding that your savings are relatively equal to the costs you negate by going solar, you’ll save even more money if electricity rates are high in your area. Especially when one considers the return on investment as electricity rates with your utility company continue to rise over time. On average, utility rates increase by 3% each year.
By installing a solar panel system for your home, you help manage your budget by locking in your rate and avoid unpredictable electricity price increases that can make managing expenses feel impossible at times.
In addition, many solar customers have noted seeing an increase in home value after installation. In fact, according to a recent study done by Zillow, installing solar panels on a home can potentially increase the value of that home by 4.1% compared to homes without solar.
Check out our additional information on the financial benefits of going solar here: https://sunvena.com/savings
Ready to speak to an expert solar consultant about solar for your home? Contact Us now!
