How To Save Money With Solar Panels
Everyone is talking about solar panels these days but they can cost a lot of money. So, you might be wondering how investing in a solar panel system will actually help you save money.
Essentially, the idea is that the power you get from your solar panels replaces the power that you'd need to buy from your utility, and when you break down the monthly cost of your solar panels and compare that to how much power they produce, the cost per kWh for electricity from your solar panels is lower than electricity from your utility. The way you can calculate those savings depends on whether you get your solar panels through a loan, a lease, or by paying cash upfront.
At first glance, it might seem like you would be paying more if you invest in solar panels because you are still on the hook for an electric bill in addition to a monthly payment toward your solar panel loan. While it’s true that you will have a second bill when going solar with a loan, the amount of electricity you can produce with your solar panels should help offset your electricity bill significantly, so that the combined cost is less than your original non-solar electricity bill on its own.
The goal is to find a balance where you have enough solar panels to produce the energy you need to power your home, but not so many that it isn't worth the extra cost. By reducing the amount of power you get from the utility, you can lower your electricity bill by an amount that offsets the payments you are making on your solar panel system.
Here is an example of how you can save money by installing a solar panel system:
Imagine you spend $200 a month on your electricity bill from your utility company before going solar.
Your solar panel system can produce enough electricity to cover 80% of your needs.
Because you need 80% less power from the utility, your monthly electricity bill is now down to roughly $40 per month.
If your payment on the solar loan is less than $160 per month, then you’re saving money overall, even while paying for the solar power system.
Once you pay off your system, you’ll no longer have a loan payment, even though your panels are still producing electricity, which increases your overall savings significantly.
We are here to design that perfectly balanced system and to guide you through the process of getting it installed and turned on.
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