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Do You Really Save Money With Solar Panels?

Everybody’s raving about solar energy and how it can help us preserve the planet. Companies have been quick to take advantage of this trend and offer opportunities to have these systems installed in your homes. They claim it’s an opportunity to “save money,” but is it? Are these systems worth it? How much do they cost? 

The average solar panel cost in LA might take you back, but it’s essential not to take the expense at face value. The fact is, only the upfront cost presents a scary figure. Then, as you find out more about these systems, you’ll realize there’s a reason the initial prices are high.

Saving Money With Solar Panels

Yes, these systems save you money. Best portable solar panels reduce the amount of standard energy you use by using the converted energy absorbed from sunlight to fuel your home instead. In turn, you save money because you now rely on the panels for power instead of the energy grid. 

Still, the money you save depends on certain factors. Here are the key elements that determine how much your system helps you save:

  • Number of hours of direct sunlight
  • Electricity rates in your area
  • The size of the pool you’re heating

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Your Solar Panels Save You How Much?

To understand how much dough you can save on electricity bills using solar panels, you must first calculate the amount you’re spending for grid-sourced electricity annually. Take the yearly 

electric usage per US household, for instance. That’s around 11,000 kWh multiplied by the average electric rate of $0.13. That’s approximately $1,400 on average spent on electricity per year. 

How Do You Save Money With Solar Energy?

With a high monthly electric bill in regions with high energy rates, it’s worth considering solar panel installation. That wouldn’t only bode well for your bank account, but it would also allow you to do your part for the environment. Here are some excellent reasons for investing in solar panels:

  • Energy prices won’t be dropping any time soon
  • Solar panels are now cheaper and more advanced
  • Solar panel installation isn’t as expensive as before
  • The opportunity for long-term subsidy benefits
  • Reduce your monthly electric bills
  • Solar panels are durable and require little maintenance

Cost of Solar Panel Installation

What is the cost of a solar panel installation? You can expect to spend anywhere around $10,000 to $20,000 for a complete installation for basic systems. Still, the amount would depend on how many solar panels you want to be installed. Fortunately, even if you decide to have many panels installed, the upfront cost should be offset by your potential savings and return on investment. 

As mentioned previously, solar panels can save you money. Even the high initial cost can be offset by 22 percent, thanks to the federal tax credit as of 2020. This tax system was created so people would be encouraged to invest in solar power systems and other forms of renewable energy.

Aside from the benefit afforded by the federal tax credit, a solar power system can also boost your home’s value while reducing energy bills. In comparison to electric heating and gas systems, Sunrun panels are a lot more durable and can save you more money in the long run. Solar panels should pay for themselves for up to three years.  

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The Efficiency of Solar Panels

Some panels can convert more than 20 percent of available energy into electricity. That’s quite a number, considering the average amount American households pay for their electric bills each month.

Solar cells are what compose a solar panel. These are small discs that act like semiconductors as silicon does. They’re attached to wire circuits where electricity converted from light striking the semiconductor flows through. In the absence of sunlight, the solar cell ceases to produce power. 

A pool heating system uses the sun’s energy to heat water. It does this by directing the water to the collectors, which rise from top to bottom. The natural energy heats the water before sending it back to the pool as the water rises. The cycle repeats until the entire pool reaches the desired temperature. That’s almost 15 degrees of added temperature sans the air pollution and extra costs that would typically come from doing it the standard way. 

Saving Money With Panels: Conclusion

Solar panels and panel systems help save money and bring an ROI in less time than you would expect. As for the upfront costs, you should understand why it’s as high as it is, considering the increased property value, reduced energy bills, and federal tax credit benefits that come with it. Standard energy prices won’t be dropping anytime soon, so save money by investing in solar energy as quickly as possible. You also reduce your carbon footprint in doing so, which is certainly a plus!

Do You Really Save Money With Solar Panels? was last modified: by