How Much Solar Panels Can Save You [Infographic]
When it comes to solar panels, the question isn’t whether you’ll save money if you install them — the question is how much can you potentially save with this popular alternative to utility power.
The increasing frequency of natural disasters and the ever looming threat of terror attacks have some observers speaking out against what they perceive to be the vulnerability of the nation’s utility systems. And even if you don’t make much of such doom-and-gloom scenarios, there’s no question that solar panels can save you money and give you some independence.
Without a solar panel system installed, the average family spends $1,400+ annually on electricity. But with a solar panel system installed, the average family can save an average of $100 monthly. Over two decades, they can save up to $30,000. So, the savings are there.
As it turns out, many people sitting on the fence remain perched there because they have a hard time justifying the cost of installing solar panels. Consider that homeowners paid between $2.87 and $3.85 last year to install solar and that the installation cost for a 10kW solar energy system was $32,600. The Federal Solar Tax Credit chopped that amount by about 30%, but the purchase and installation costs are still quite substantial. Even so, the money spent can be recouped over time. It should be noted, however, that the effectiveness of solar panels is partly a function of, among other things, the amount of direct hours of sunlight they’re exposed to.
The Investment that Keeps Growing
It’s clear that you can save a tangible amount by going solar. When you also mull over the fact that electricity prices tend to increase annually and that you can be charged more if you use electricity during certain parts of the day, you can appreciate all the more how your savings with solar panels stand to increase annually.
When you’re ready to install solar panels on your property, be sure to consult a professional who has demonstrable experience. And don’t be shy about asking for recommendations. You’ll want a professional who can calculate your energy needs so that you end up with the right system. Something to consider is that you can start small and scale up as resources become available. So, if you want to go solar but don’t have the money to do everything at once, you can install as many panels as you can afford and then add more capacity as you’re able.